The merger between the Coventry Building Society and Stroud and Swindon Building Society is now completed. This news follows other mergers and acquisitions in the sector driven by necessity in the wake of the financial turmoil and market downturn.
There will be no name change, the Coventry Building Society is estimated to have more than 1.2 million member compared to 300,000 at Stroud and Swindon. The total asset value of the combined lenders will be in excess of £21 billion. The head office will remain in Coventry.
During the sub-prime lending years Coventry’s strategy was to establish a brand called Godiva Mortgages this was launched in March 2007 prior to the market collapse. Through this brand it serviced the intermediary mortgage broker market; it processed and sold sup-prime loans . Its strategy was to adopt a cautious approach to lending criteria in the specialist lending sector. It continues to operate in this sector but withdrew from sup-prime lending as the market crashed.
This merger consolidates Coventry Building Society’s position as the 3rd largest lender in the UK. It is expected to continue to grow during difficult trading times and offer reward to its many new members who will be offered enhanced savings rates .
Mis-sold Mortgage Claims > Mortgage News
Building Society sector sees further consolidation
Thu, 02 Sep 2010
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