Manchester Building Society Merger Update (9338T)

TIDMMBSR TIDMMBSP TIDMNBSR TIDMNBSP

RNS Number : 9338T

Manchester Building Society

23 March 2023

Newcastle Building Society and Manchester Building Society merger update

Further to the announcement of 21(st) February 2023, the Boards of Newcastle Building Society ('Newcastle') and Manchester Building Society ('Manchester') have now entered into a legally binding agreement to merge by way of an Instrument of Transfer of Manchester's engagements to Newcastle.

The merger, which remains subject to confirmation by the Prudential Regulation Authority ('PRA'), will be conducted in accordance with the process set out in the Building Societies Act 1986 (the 'Act'). If the PRA confirms the merger, it is expected to become effective on 1(st) July 2023.

A Merger Notification Statement with further details of the merger will be sent to all eligible members of Manchester by the second week of April 2023.

Interested parties (which includes the members of both Manchester and Newcastle) will have the opportunity to make representations before the PRA decides whether or not to confirm the merger. Details of the process for this will be set out on the websites of both Newcastle and Manchester and will be advertised in various newspapers (national and local) in mid-April in accordance with the requirements of the Act.

The Newcastle Board looks forward to welcoming the members of Manchester as full members of Newcastle subject to the PRA confirming the merger.

   -      Ends -

This announcement contains inside information for the purposes of article 7 of the market abuse regulation (596/2014/EU) as the same has been retained in UK law as amended by the market abuse (amendment) (EU exit) regulations (SI 2019/310) (UK MAR).

The person responsible for arranging for the release of this announcement on behalf of Manchester Building Society is Mark Winterbottom (Finance Director) and on behalf of Newcastle Building Society is David Samper (Chief Financial Officer).

Newcastle Building Society has c345,000 members and 31 branches. It employs c1400 people and at 31(st) December 2022 its total assets were cGBP5.3bn making it the 8th largest Building Society in the UK

Manchester Building Society has c11,000 members and no branches. It employs 44 people and at 31 December 2022 its total assets were cGBP0.2bn making it the 41st largest Building Society in the UK

Addleshaw Goddard LLP has acted as legal adviser to Manchester and TLT LLP has acted as legal adviser to Newcastle

For more information contact

Newcastle

Kathryn McLaughlin,

Newcastle Building Society

+44 (0) 7575 474741

Headland Consultancy (Financial PR)

+44 (0) 20 38054822

Andy Rivett-Carnac

+44 (0) 7968 997 365

Manchester

Sam Cartwright - H/Advisors Maitland

020 7379 5151

sam.cartwright@h-advisors.global

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCUUOURONUOUUR

(END) Dow Jones Newswires

March 23, 2023 03:00 ET (07:00 GMT)

Newcastle8%pibs (LSE:MBSR)
Historical Stock Chart
From Dec 2024 to Jan 2025