Norwich & Peterborough Building Society

lemsford

Just heard on the local news that Yorkshire Building society are in talks to take over Norwich & Peterborough

Noble_Savage

lemsford wrote: »

Just heard on the local news that Yorkshire Building society are in talks to take over Norwich & Peterborough

I'd heard they were in talks with a number of organisations, not just Yorkshire.

theGrinch

yes this is true. chairmain dlisclosed on thursday afternoon. capital requirements hitting them after keydata shenanigans apparently.

premierfella

Thanks for the heads-up. I wonder why they don't feel that recent statements by the CEO on matters such as this warrant a mention on their own news page?

As said, Yorkshire (plus JC Flowers - no surprise there) are names that have been openly mentioned.
http://uk.reuters.com/article/idUKTRE6BF3SL20101216

Its always possible that N&P is viewed as being in a vulnerable position (re: Keydata/capital requirements) but with inherent value (hence "a number of expressions of interest") rather than being in need of a white knight. It will be interesting to see how this unfolds (if at all).

middlepuss

Ah ha, I have a N&P account. It's about time a BS takeover meant some cash for account holders.

opinions4u

middlepuss wrote: »

Ah ha, I have a N&P account. It's about time a BS takeover meant some cash for account holders.

Don't book the holiday in anticipation on this one.

MCGONIS

GOOD!

I applied to the N & P for their "gold" account. Just a cheque account with favourable overdraft terms.

After a few weeks I had heard nothing, so phoned them and was put through to an underwriter. He asked, "why would someone in Scotland want an account with a society who has no branches there?"

I said "it's just your account is so good and it would save me a fair bit of money and I don't go to bank branches - If I get a cheque I need to deposit, I use a local bank I also hold an account at"

He declined my application. I have a good credit rating. I checked a wee while later and they never even ran a credit check.

So I was a bit annoyed about my whole experience with them. I am, just a little bit "bitter" I suppose lol.

So if they do get taken over, I personally am glad. Maybe then they will realise people outside Norwich or Peterborough might actually want to do business with them - because they offer decent accounts and for no other reason. They seem a wee bit old fashioned to me and need to catch up if they want to survive.

mike88

middlepuss wrote: »

Ah ha, I have a N&P account. It's about time a BS takeover meant some cash for account holders.

Those were the days. Don't give up work just yet.

baby_boomer

Looks like N&P are likely to be fined by the FSA for their KeyData misselling. But the FSCS will help them escape liability for the full £50m.

It hardly seems fair if that the FSCS uses money extracted from organisations who play by the rules to support those who play fast and loose. Let's hope the fine is proportionate to N&P's guilt.

Financial Mail on Sunday link

talexuser

I too still have an account, don't know why I keep them, no chance of a payout nowadays. Nationwide is probably the only one worth holding.

I agree it's bad if they don't have to pay up all themselves. At least the directors should be shown the door.

minitag

I also have an account with N&P, just for savings. We have been informed that we will have to pay £5 a month for this as we do not use the account very often and also have less than £500 going in every month. We were thinking of leaving, but do the wise out there think we should stick with them in case of a take over? Any ideas?