Yorkshire vows to keep N&P's name alive after merger

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Yorkshire Building Society is to keep the Norwich & Peterborough brand after the two mutuals merge later this year.

The enlarged society will have three million members and 224 branches, including 46 from N&P which will be kept open for at least two years, the Yorkshire said yesterday. That was a relief for 360 branch staff, but there will be job cuts at N&P's head office in Peterborough.

N&P's fate was sealed after it became involved in a mis-selling scandal in 2009, forcing it to repay £51m to customers.

It was fined £1.4m by the Financial Services Authority on Monday for mis-selling the risky insurance policy-linked investments. The Yorkshire took over struggling Chelsea last year and Barnsley in 2009.

The merger will be complete on 1 November, subject to a member vote and FSA approval. N&P dates back to 1860, when the Peterborough Provincial Benefit Building Society was formed by railwaymen.