Britannia merge with Co-Operative Financial Services
It was announced on Wednesday 21 January 2009, that Britannia
Building Society, provider of the PMAS Mortgage Service, will be
merging with the Co-Operative Financial Services.
The following information is provided by Britannia and the
Co-Operative Financial Services for our Mortgage Service
customers:
Following overwhelming support from members of both
organisations, the merger between Britannia - Police Mutual's
approved provider of mortgage services - and The Co-Operative
Financial Services (CFS), completed on 1 August 2009.
In April 2009, Britannia members voted nine-to-one in favour of
creating this new member-led financial services business. A trusted
and ethical alternative to shareholder-owned banks which is a
wholly-owned subsidiary of The Co-Operative Group - the world's
largest consumer co-operative, with an annual turnover of over £14
billion and over 4,500 UK outlets.
The merger brings together Britannia's extensive high street
presence and savings and mortgage product strength, with the
personal and corporate banking, insurance and fund management
expertise of CFS. The new business has over £70 billion of assets,
nine million customers and 300 branches.
Both CFS and Britannia will retain their independent products
and brands as the two businesses integrate. The intention is to
provide consistency across rates on all similar products as soon as
possible to offer honest, fair value for all customers. The first
example of this is immediate: over 35,000 Britannia members on
Standard Variable Rate linked mortgages are seeing their interest
rate fall - placing fairness to members ahead of margin, because
this is the right thing to do.