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Britannia to Merge with Co-Operative Financial Services Talks

by Christina 123 | October 12, 2008 at 05:51 pm

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BRITANNIA is Britain's second largest building Society and CFS includes the Co-Operative Bank plc, the internet bank Smile and Co-Operative Insurance. The merger would be "part of a growth plan," said Britiannia Chief Executive, Neville Richardson, emphasising that the two groups were in " a strong financial position".

The Britannia Building Society has confirmed it is in talks with Co-operative Financial Services (CFS) that may lead to a merger.
Such a merger would depend on the passage of legal changes which are currently in the committee stage in the House of Commons.
Britannia is Britain's second biggest building society and is based at Leek in Staffordshire.
CFS includes Co-operative Bank, Smile and Co-operative Insurance.
The Building Societies (Funding) and Mutual Societies (Transfers) Act, known as the Butterfill Bill after its sponsor Sir John Butterfill MP, would give building societies greater freedom to merge with other companies as well as changing the current restrictions on the way they are allowed to raise money.
A combination of the two would have about six million members and £70bn worth of assets, according to Britannia.