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

e and mortgage services will become available from an expanded network of more than 300 branches, British-based call centres and the internet after integration of the two businesses, which is expected to take up to three years.

Britannia and CFS have a tradition of sharing profits with their members, and customers will have the potential to earn greater member rewards through the wider range of products offered by the most broadly based and diversified financial services mutual in the UK, and through wider membership of The Co-operative Group.

The combined business will expect to deliver more than pounds 60 million a year in efficiency and revenue benefits and, as a customer-owned business, customers will share in these savings through more competitive rates, improved customer service or increased member dividends.

The merged business will continue to have a significant presence in Leek and Manchester. Combining the two branch networks will increase the number of branches available for customers to more than 300. Where there are two branches in the same town, these may be merged in due course but there will be no compulsory redundancies among branch staff as a result of the merger.

It is expected that there will be some reduction in roles during the three-year integration process, however significant synergy benefits are also expected from procurement and supplier savings. Any compulsory redundancies will be kept to a minimum through redeployment, re-training and normal staff turnover over the three-year timeframe.

Notes to Editors:

About CFS & Britannia

The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world's largest consumer co-operative with over three million members, over £10 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral c
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SOURCE The Co-operative Bank
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