Members of the UK’s second-largest building society, Britannia,
have endorsed the association’s merger with Co-operative Financial
Services (see RBI 610, 606). The deal will see the
formation of the country’s eighth-largest banking entity by branch
numbers (354).
More than 450,000 Britannia members voted at
the society’s annual general meeting, at the end of April, with
88.6 percent voting in favour. The merger, which has already been
approved by The Co-operative Group and CFS boards, is expected to
become effective on 1 August, subject to confirmation by UK
regulator, the FSA.
Go deeper with GlobalData
Combining Co-operative Financial Services with
Britannia will create a business with £70 billion of assets, nine
million customers and 12,000 employees.
The new business will be a wholly owned
subsidiary of The Co-operative Group, which describes itself as the
world’s biggest consumer co-operative.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
