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Massive mutual merger confirmed for August

The merger between Britannia Building Society and the Co-operative is set to be completed on 1 August after members from both parties voted in favour of the deal. This will see a combined group boasting 9 million customers, 12,000 employees and over £70 billion of assets. The new operation will also have a branch network of over 300 and has the potential to attack and damage more traditional UK banking institutions.

The move has been expected for some time, although as ever with larger mergers there have been significant regulatory hurdles to jump and paperwork to be sent out. It is hoped that the combined operation, which will see the Britannia Building Society installed as a subsidiary of the Co-operative, will mean good news for consumers with more competitive packages to be made available. This comes a time when the UK banking sector, as opposed to the UK mutual sector, is going through a dramatic change. This could be the perfect time for the combined Britannia Building Society and Co-operative group to make a mark and look to the future.

It is also likely to see a number of other mutuals looking to merge and create larger entities which will be more competitive and have a significantly greater reach in the financial market.

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