A merger between Britannia Building Society and the Co-op was announced this morning, with both parties deciding the move to create new 'super-mutual' was an ethical alternative to shareholder-owned banks.
The super-mutual will be known as Co-operative Financial Services, but no decision has been taken as yet regarding the retention of the Britannia brand.
"The combined and complementary strengths of our businesses will offer customers a strong, fair and ethical, alternative to banking plcs," explains Rodney Baker-Bates, chairman of Britannia.
"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 combined with a share of the profits."
"This move will accelerate the momentum within the co-operative and mutual sector," adds Bob Burlton, chairman of CFS.
"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," he concludes.
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