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| Version 0 | Version 1 |
|---|---|
| Britannia and Co-op are to merge | Britannia and Co-op are to merge |
| (10 minutes later) | |
| The Britannia Building Society is to merge with Co-operative Financial Services (CFS). | The Britannia Building Society is to merge with Co-operative Financial Services (CFS). |
| They say the customer-owned "super-mutual" will be an ethical alternative to shareholder-owned banks. | They say the customer-owned "super-mutual" will be an ethical alternative to shareholder-owned banks. |
| The new business will be a subsidiary of The Co-operative Group and Britannia members will instead become Co-op members. | The new business will be a subsidiary of The Co-operative Group and Britannia members will instead become Co-op members. |
| The merger will only be possible if a new law allowing mergers between mutuals is passed in March. | The merger will only be possible if a new law allowing mergers between mutuals is passed in March. |
| 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. | |
| In a statement, the two mutuals said they would continue to have a significant presence both in Manchester, where CFS is based, and in Leek in Staffordshire where Britannia is based. | |
| "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," said CFS chief executive David Anderson. | |
| "This merger will create that organisation and we'd hope to attract many thousands of new customers as a result." |