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August 3, 2009

Co-op and Britannia re-emerge as super mutual

by Gill Montia

Story link: Co-op and Britannia re-emerge as super mutual

Co-operative Financial Services (CFS) has completed its merger with Britannia building society to create a super mutual with assets of over £70 billion.

According to the parties, the move also delivers a “trusted and ethical alternative to shareholder-owned banks”.

The new business combines Britannia’s high street presence and savings and mortgage expertise with the banking, insurance and fund management strengths of CFS.

With a pro forma Tier 1 ratio of 9.2% and lending essentially fully funded by its customer deposits, CFS now boast around nine million customers, over 12,000 staff, around 300 branches and 20 corporate banking centres.

Former Britannia group chief executive, Neville Richardson, is at the helm while Bob Burlton, the CFS non-executive chairman, is chairing the new board.

According to Mr Richardson, the CFS will be taking “the next step in the renaissance of the co-operative and mutual sector”.

CFS now comprises: The Co-operative Bank – including the Britannia business, Internet bank smile, The Co-operative Investments and The Co-operative Insurance.

 

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