Menu
21/01/2009
Another 'Super Bank' Merger
Two large banking groups have agreed on a merger that will see the formation of a 'super mutual'.
Co-operative Financial Services will be combined with Britannia Building Society in a deal that will affect more than 12,000 employees, in over 300 branches and 20 corporate banking centres.
It is reported the combined group will have £70bn ($98.3 billion) of assets.
The deal would "create a super-mutual as a unique, ethical alternative to shareholder - and government-owned banks," Britannia said in a statement.
Britannia members will vote on the agreement in late April. After the merger, which is estimated to take three years, the combined group will be a wholly owned subsidiary of the Co-operative Group.
"Customers will be owners and will have available all the services they would expect from a major financial provider, together with a real say in setting strategy combined with a share of the profits," said Britannia Chairman Rodney Baker-Bates.
Co-operative's Chief Executive David Anderson said: "Owing to the damage done by the credit crunch, people have been crying out for a new way of doing business with a financial organisation of substance that truly has their interests at heart.
"This merger will create that organisation and we'd hope to attract many thousands of new customers as a result."
(PR/JM)
Co-operative Financial Services will be combined with Britannia Building Society in a deal that will affect more than 12,000 employees, in over 300 branches and 20 corporate banking centres.
It is reported the combined group will have £70bn ($98.3 billion) of assets.
The deal would "create a super-mutual as a unique, ethical alternative to shareholder - and government-owned banks," Britannia said in a statement.
Britannia members will vote on the agreement in late April. After the merger, which is estimated to take three years, the combined group will be a wholly owned subsidiary of the Co-operative Group.
"Customers will be owners and will have available all the services they would expect from a major financial provider, together with a real say in setting strategy combined with a share of the profits," said Britannia Chairman Rodney Baker-Bates.
Co-operative's Chief Executive David Anderson said: "Owing to the damage done by the credit crunch, people have been crying out for a new way of doing business with a financial organisation of substance that truly has their interests at heart.
"This merger will create that organisation and we'd hope to attract many thousands of new customers as a result."
(PR/JM)
Related UK National News Stories
Click here for the latest headlines.
10 October 2013
32,600 Compensation Claims Received Over Potholes
Britain's roads are peppered with almost 200,000 potholes, or one for every mile of road in Great Britain, according to official council data obtained via a freedom of information request by Britannia Rescue. The combination of a harsh winter followed by a dry summer has particularly harmed road surfaces and exacerbated the problem.
32,600 Compensation Claims Received Over Potholes
Britain's roads are peppered with almost 200,000 potholes, or one for every mile of road in Great Britain, according to official council data obtained via a freedom of information request by Britannia Rescue. The combination of a harsh winter followed by a dry summer has particularly harmed road surfaces and exacerbated the problem.
05 September 2013
Gay Rights Groups Propose Church Opt In Policy
An opt in system should be established for churches in Scotland that wish to conduct same-sex marriages, MSPs have been told.
Gay Rights Groups Propose Church Opt In Policy
An opt in system should be established for churches in Scotland that wish to conduct same-sex marriages, MSPs have been told.
08 July 2013
Home Secretary Seeks Banning Of Two Islamist Groups
Two organisations described as "extremists" and "radical Islamists" could be banned in the UK under terrorism laws. Home Secretary Theresa May has asked that Minbar Ansar Deen and Boko Haram be banned, and that support for the groups be made a criminal offence.
Home Secretary Seeks Banning Of Two Islamist Groups
Two organisations described as "extremists" and "radical Islamists" could be banned in the UK under terrorism laws. Home Secretary Theresa May has asked that Minbar Ansar Deen and Boko Haram be banned, and that support for the groups be made a criminal offence.
11 January 2012
Medical Groups Refuse Free Implant Replacements
A medical company, which fitted almost 14,000 British women with PIP breast implants, has said they will not be replacing them free of charge. The Harley Medical group is among many private medical firms to be affected by the now closed French company’s, Poly Implant Prothese (PIP), faulty implants which were filled with non-medical grade silicone.
Medical Groups Refuse Free Implant Replacements
A medical company, which fitted almost 14,000 British women with PIP breast implants, has said they will not be replacing them free of charge. The Harley Medical group is among many private medical firms to be affected by the now closed French company’s, Poly Implant Prothese (PIP), faulty implants which were filled with non-medical grade silicone.
17 September 2009
Cervical Cancer Jab 'Lower Among Ethnic Groups'
Strong cultural beliefs and low levels of awareness may curb the uptake of the cervical cancer (HPV) vaccine among certain ethnic groups in the UK, reveals research published ahead of print in the Journal of Epidemiology and Community Health.
Cervical Cancer Jab 'Lower Among Ethnic Groups'
Strong cultural beliefs and low levels of awareness may curb the uptake of the cervical cancer (HPV) vaccine among certain ethnic groups in the UK, reveals research published ahead of print in the Journal of Epidemiology and Community Health.
-
Northern Ireland WeatherToday:It will be cloudy again throughout the day. Mainly dry in the morning, but patchy drizzle in places, becoming more widespread and persistent in the afternoon. Freshening southwesterly winds. Maximum temperature 12 °C.Tonight:Cloudy with a spell of heavy rain pushing south through late evening and the early hours, followed by some clear spells. Minimum temperature 6 °C.
