Overwhelming support for Britannia Merger with The Co-operative Financial Services

Platform’s parent Britannia held its 2009 Annual General Meeting at the NEC in Birmingham on 22 April. At this event, eligible members were asked to vote on Britannia’s proposed merger with The Co-operative Financial Services (CFS).

We are delighted to announce that over 450,000 votes were received and of this number, 88.6% of savings members voted in favour, well over the 75% majority required, and 86.2% of borrowing members supported the proposal, well over the 50% majority required.

The merger, which has already been approved by The Co-operative Group and CFS boards, is expected to become effective on 1 August, subject to confirmation by the Financial Services Authority.

In the first-ever merger between different types of member-owned businesses, the new organisation will combine the strong CFS personal and corporate banking, insurance and investment expertise with Britannia's extensive high street presence and savings and mortgage strength.

Combining CFS, part of the world's biggest consumer co-operative, with Britannia, the UK's second biggest building society, will create a business with £70 billion of assets, nine million customers, 12,000 employees, more than 300 branches and 20 corporate banking centres.

Britannia’s commitment to Platform and to the intermediary mortgage market remains as strong as ever and this commitment will remain unchanged as the organisation merges with CFS. As part of the Britannia Group, Platform will undoubtedly benefit from the combined strength of these two organisations and we look forward to sharing the benefits of being part of a larger organisation with you, our customers, in the coming months.