There will be no compulsory redundancies as a result of the joining of the two businesses, which already share the same head office building in the North Yorkshire market town where Skipton Building Society was founded in 1853.
The integration of Skipton Building Society and Skipton Financial Services is subject to regulatory approval, but is expected to take place sometime during the summer.
David Cutter, Skipton Building Society’s Group Chief Executive, said:
“Integrating the two businesses will enable us to better meet the needs of our customers, to support them with all their financial planning needs, and to develop our digital and online offering for them. As a result of this integration Skipton Building Society will be even better placed to help people prepare for their life ahead.
“The past year has seen radical changes made to the pensions arena, which has left a generation of people in need of somewhere to turn to make sense of everything. There’s an even greater need for people to receive not only mortgage and saving support, but also investment and pensions advice, something that so few other firms are capable or willing to deliver on the high street to the mass market. We are both capable and willing, and by integrating our two businesses into one, we can evolve while we remain committed to providing financial advice to our customers.”
