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Yorkshire Building Society looks for buyers for its Channel-isles business

The Yorkshire Building Society, which recently merged with Chelsea, is to sell off its Channel Islands business.

The UK's second-largest building society, led by Iain Cornish, is thought to be looking for bids. The unit has deposits worth nearly £800m on its books. The Guernsey-based operation had previously been used to help the Yorkshire's mainland UK operations, but management of the enlarged group is thought believe the unit is now surplus to requirements.