Scarborough Channel Islands Limited and Skipton Guernsey Limited announce Island Merger
Following the announcement that Skipton Building Society and Scarborough Building Society are to merge in the UK, Skipton Guernsey Limited (SGL) today confirmed it plans to merge with Scarborough Channel Islands Limited (SCIL). All existing customers of both entities will be offered similar or better terms on their current savings and mortgage accounts.
The two businesses, subject to local board and regulatory approval, will be integrated fully during 2009 and until then, customers of each organisation will continue to use their respective offices. It is anticipated that there will be no compulsory staff redundancies as a consequence of this.
The merger in the UK is being carried out according to the terms of the UK Building Societies Act, which means there is no need for UK based members of either Society to vote on the matter, as the respective Group boards are authorised to take such decisions. It is envisaged that the enlarged Guernsey bank will be called Skipton Guernsey Limited.
Commenting on the merger, Skipton Guernsey's managing director, Alan Bougourd, said: "This is good news for our customers and good news for customers of SCIL. Both our companies are well run, profitable and well capitalised, meaning we both have substantial reserves, which is an essential strength in the current turbulent markets. The enlarged company looks forward to continuing to offer them the highest possible levels of service.
Following the merger, it is expected that our parent, Skipton Building Society, will be the fifth largest building society in the UK with assets of over £15 billion and over 860,000 members. Our parent will continue to stand behind us, protecting the deposits of all customers of the merged bank going forward. That fact alone means we will be operating from a position of strength and together with the proposed introduction of a Guernsey depositor compensation scheme similar to that operated in the UK guaranteeing the first £50,000 of each individual's savings, we are confident that savers with Skipton Guernsey can look forward to a safe and rewarding future."
Tony Burdin, managing director, SCIL commented: "This is a great opportunity to combine the significant strengths and capabilities of both businesses and we are confident that the enlarged bank will enable us to offer an even better range of products and services to both new and existing customers."
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European Union Savings Tax Directive
Information for all EU Residents (including the UK)
This communication outlines the changes implemented, by the Government of Guernsey, on 1 January 2011, to the EU Savings Tax Directive ("The Directive").
Automatic Exchange of Information
If you are resident in the EU (including the UK) gross interest will be paid to you and be subject to an automatic exchange of information with The Guernsey Income Tax Authority. This report will detail your full name, postal address, account number/s, date of birth, place of birth, tax identification number (if known) and the amount of interest added to your account/s. Thereafter this will be forwarded to the tax authorities in your country of residence.
If you are deemed to be "non-domiciled" for tax purposes in your country of residence, we may be able to pay you gross interest without the need to submit an exchange of information report. To arrange this we require confirmation of your tax status, e.g. a letter issued by the tax authorities in your country of residence or accountants.
Non EU residents will continue to receive gross interest and it remains the responsibility of individual investors to disclose the interest earned on their accounts to the relevant tax authorities.
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