Lamport Bassitt Solicitors - Legal News - Spate of building society mergers 'likely'


	LATEST LATEST LEGAL NEWS ARCHIVE		LATEST NEWS & EVENTS Spate of building society mergers 'likely' It is likely that the UK will witness a spate of mergers between building societies, a new report has claimed. Produced by KPMG, the study suggests that only 15 societies achieved group asset growth exceeding ten per cent in the year to April 2009. This compared with 36 per cent during the previous 12-month period. According to KPMG partner Simon Walker, this makes it inevitable that there will be a greater degree of consolidation within the sector, particularly in the context of future credit losses and pressures on margins. The report stated that building societies may be forced to sell assets and enter into joint ventures in a bid to survive. Earlier this year, the British Bankers' Association claimed that people operating in the financial services industry are not complacent about the need for change. It said that such people are in favour of "appropriate and effective" regulation that recognises the long term success of businesses and does not reward undue risk taking. Related Articles: 22/9/2011 - Manufacturers targeting strategic acquisitions to drive growth 21/9/2011 - Mergers and acquisitions rule changes take effect 14/9/2011 - Govt wants to make London a 'legal hub' for the world 12/9/2011 - ICB banking reforms: banks set to be given until 2019 to prepare 8/9/2011 - Banking reforms in danger of being 'watered down' More Corporate Law News