Britannia merger to go ahead
MEMBERS of Britannia Building Society have given the green light to the proposed merger with Co-operative Financial Services (CFS).
The historic deal is the first time a building society has joined forces with a co-operative and it paves the way for an institution with £70 billion of assets, nine million customers, more than 12,000 employees and 300-plus branches.
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Neville Richardson pushes through merger of Britannia Building Society and Co-operative Financial Services
Britannia members had been voting whether to accept the proposals by post and online for a month.
By today's annual general meeting, 450,000 members had voted, with 88 per cent of saving members and 86 per cent of borrowing members giving the go-ahead to the merger.
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by Labyrinth, stoke
Wednesday, April 29 2009, 11:10PM
“What????
Who voted for it to go ahead?
I havn't spoken to a single person that was in favour of it including me and I know I voted.
I'm already looking to move my mortgage and savings.
Something sounds a bit dodgy to me. What a coincedance that the result is exactly what the fat cats wanted.”
by Kate, Stone
Wednesday, April 29 2009, 10:31PM
“Mark of Porthill, 20 pieces of silver are not a concern. Neville is answerable to a renumeration commitee, guided by members. Brainwashing is not a concern either, having had personal and business interaction with the merger proposal. Without a shadow of doubt the board are being transparent with all communications and even though it is a YES vote they are still open to questions. I do have a vested interest, I'm a member and proud to be a member of a now Super Mutual.”
by Mark, Porthill
Wednesday, April 29 2009, 10:06PM
“Kate-Stone- You obviously have a vested interest in this. I just hope that you haven't been brainwashed into believing there won't be redundancies (or should I say, economies of scale, smarter working practices, re-alignment etc).
Sincerely hope Nev hasn't taken his 20 pieces of silver on this and that the loyal savers can look forward to decent bonuses next year to boot!
Watch this space?”
by Kate, Stone
Wednesday, April 29 2009, 8:11PM
“Why do people fail to see the merger as a positive way forward? Two mutuals combining to be a Super Mutual. Owned by it's members, for the good of it's members. Neville Richardson has lead Britannia from the first day he took over as Chief Exec, through good and current bad times, and he will continue that in the new organisation, with the monetary reward the board decide he deserves. How many other banks/building societies have made a profit in the last 12 months and not resorted to Government backing or redundancies? Do you see any other Building Society giving it's members a share of the profits? With a commitment to maintaining a strong Leek base and no compulsary redundancies, this is a shining example of how to operate a business successfully and in the interests of it's members and people. How many other local companies can say the same thing? Well done Neville and the board.”
by Tim, stoke
Wednesday, April 29 2009, 6:17PM
“Joseph, endon
You are not a shareholder. You dont own shares or have a shareholders certificate as it was not on stockmarket.
You were hoping for a payout (Carpetbagging) etc.
Well it aint going to happen.....”