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Britannia Members Back Super-Mutual Merger With the Co-Operative Financial Services
Date:5/29/2009

at Britannia members have endorsed their Board's recommendation to merge with CFS. They recognised that the combined business will offer them everything they love about Britannia - we'll remain mutual, we'll maintain an extensive branch network and we'll continue to share profits with members - while offering them enhanced products and services, the benefits of being part of a larger group and the chance to earn even greater member rewards.

"The combined and complementary strengths of our businesses will offer customers a strong, fair and ethical alternative to banking plcs. 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 and a share of the profits."

CFS chairman Bob Burlton added: "This move will accelerate the momentum within the co-operative and mutual sector. Both businesses have been pursuing successful strategies independently and are strong in their own right but we recognise we could be even more successful by coming together to create the UK's most trusted financial services business."

"The co-operative and mutual movements have never been more relevant. People are crying out for a new way of doing business with a financial business that truly has their interests at heart. This proposed merger offers a unique opportunity to create a new force in British financial services, with the scale to offer customers a full range of products and services that are ethical, mutual and co-operative."

The new business will be a wholly owned subsidiary of The Co-operative Group, one of the world's largest and most successful consumer co-operatives with core business interests in financial services, food, travel, pharmacy and funeral care. Britannia members will become members and co-owners of The Co-operative Group.

The full range of banking, savings, investment, insuranc
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SOURCE The Co-operative Bank
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