Scotland business

Century and Scottish Building Society merger cleared

The Scottish Building Society
Image caption The Scottish Building Society operates six branches in Scotland and a network of agencies

A proposed merger between two Scottish building societies has been cleared by the Financial Services Authority (FSA).

The Scottish Building Society, one of the country's oldest mutuals, announced plans in August to merge with Edinburgh's Century.

Century is Scotland's smallest society with £25m of assets and no branches.

The Scottish has six branches as well as a network of agents and assets worth £375m.

Both societies have their head offices in Edinburgh.

The merger is expected to be completed by 1 February, when members of Century will have access to all products and services offered by the Scottish.

The Century office in Edinburgh will be closed.

The Scottish runs branches in Edinburgh, Glasgow, Inverness, Aberdeen, Troon and Galashiels and a network of more than 60 agencies in Scotland.

Jointly the two societies will have more than 40,000 members.

The bigger society will retain the name Scottish Building Society.

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