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Britannia and Co-op Financial to merge.

Global Banking News-21 January 2009-Britannia and Co-op Financial to merge(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 21 January 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Britannia Building Society (BBS) and Co-operative Financial Services (CFS) have said that they had agreed to merge the two companies.

The companies said that the combined group would have GBP70bn (USD98.3bn) of assets, more than 12,000 employees, over 300 branches and 20 corporate banking centres. The deal would 'create a super-mutual as a unique, ethical alternative to shareholder and government-owned banks,' Britannia said.

The combined group will be a wholly owned subsidiary of the Co-operative Group and will need to be approved by Britannia members at a meeting expected to take place on April 29, 2009.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Jan 21, 2009
Words:154
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