Egg move wins Deal of the Month

YORKSHIRE Building Society’s acquisition of the £430m mortgage book and £2.5bn savings business of Egg Banking was the July Deal of the Month.

The deal, for an undisclosed sum, also saw YBS acquire the Egg brand from Citigroup.

The acquisition is the latest in a series of expansion moves by the Society that have seen mergers with the Chelsea, Barnsley and Norwich and Peterborough building societies.

The judges narrowly chose Yorkshire Building Society’s acquisition ahead of the deal which saw York Mailing buy the trade and assets of part of regional rival Pindar, safeguarding 255 jobs.

Commenting on the winning deal, the judges said:

Martin Jenkins, Deloitte: “A significant move for one of our flagship financial institutions following.  Combined with its earlier merger and acquisition activity, this further strengthens Yorkshire’s market positioning and status as a leading player on the national stage.”

Stuart Warriner, PwC: “Another interesting transaction for Yorkshire, following on from other significant deals earlier this year.”