Building society merger approved

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A merger between a Gloucestershire-based financial institution and a rival is looking increasingly likely.

At a special meeting in Birmingham, members of the Chelsea Building Society voted by more than 90% to merge with the Yorkshire Building Society.

If the latter's members also approve the plan at their meeting on Tuesday the merger will go ahead on 1 April.

The new society would be based in Bradford, meaning job losses at the Chelsea's HQ in Cheltenham.

The societies' members will not receive a windfall from the merger.

The Chelsea's management have said the merger is necessary to create stability amid turbulent financial markets.