Mutual mergers will continue in 2010- KPMG

Its report suggests the 49 remaining societies will shrink down further after 10 mergers and takeovers in the downturn, with up to five more deals in the next year or so. "The natural number is fewer than 49. We have seen a clean-out of distressed societies but there are still very ambitious chief executives out there who want to grow,"the report says. KPMG forecast building societies in the Midlands and northern England "might see the logic of getting together". A recently announced plan for a £50m capital injection by JC Flowers into Kent Reliance may also lead to further investm...