Co-op cagey about Britannia deal

Published:
13 October 2008
Topic:
News,Money,Mortgages

A merger of the Co-op's financial services and the Britannia building society would create a business with six million customers and £70 billion of assets.

But both sides have stressed that any talk of a "super-mutual" are still at an early stage and part of wider discussions about how the two could work together.

Staffordshire-based Britannia has 245 branches and 2.6 million savers. CFS has a personal and business-banking franchise, plus life and general insurance.

Britannia boss Neville Richardson said: "Both businesses have been pursuing successful strategies and don't need to merge, but we recognise we could be even more successful by coming together."

It is not clear whether Britannia's three million members would receive a windfall payment as part of any merger with the Co-op.

Mr Richardson said it was too early to comment about the impact on customers and staff: "We can say that we remain committed to our Leek, Staffordshire base, our extensive branch network and our strong Britannia brand."

The Co-op said that as well as speaking to the Britannia, it had been in contact with other parties about how its products can be sold in their branch networks.

Copyright © PA Business 2008

Related Links

Rate This Article

Click on a star to rate this article.

2 ratings

Email a Friend

Let a friend know about this news item with an email containing a link to this page, and a customised message.

 *
 *
 *
 *

 

 *

This helps us prevent automated programs from using and slowing down our services.

Rating

Rated 4/5 (average from 2 ratings)

Rate this now

Related News

More News...

Compare Mortgages

Our mortgage calculator compares thousands of mortgages and remortgage products.

Compare Mortgages Now

Hot Topics in our forum

More Hot Topics

Rss Feeds

Email a friend

© Moneysupermarket.com Ltd 2012