The Yorkshire Building Society and Norwich & Peterborough Building Society (N&P) have announced their intention to merge.

Yorkshire Building Society is the UK’s second largest building society with assets exceeding £30 billion, while N&P is the UK’s ninth largest society with assets of £3.7 billion. The proposed merger will create an enlarged society with three million members and 224 branches.

Unsurprisingly the combined mutual will be called Yorkshire Building Society, although the N&P name will be retained as a separate and distinct brand within the Yorkshire, similar to the Chelsea and Barnsley brands.

Iain Cornish, chief executive of Yorkshire Building Society, said: “N&P has similar values to the Yorkshire. It shares our commitment to mutuality and our determination to deliver long-term value and exceptional customer service to our members. Its traditional building society activities remain profitable and it is well regarded in the communities it serves in the east of England. We will build on N&P’s strong brand and the value it has delivered to its members