Barnsley BS to be taken over
The Yorkshire Building Society is to take over its smaller rival, the Barnsley Building Society. The Barnsley said it was protecting itself against the possible loss of up to £10m deposited with Icelandic banks. It went on to add that it could stand such losses and in no way were customers accounts at risk. However the Barnsley felt that in these times of economic difficulty, it could mitigate risk by becoming part of a larger organisation.
As the recession kicks in and there are more casualties in the financial services sector there are likely to be more takeovers and mergers as companies look to strengthen their financial positions.
