More than 450,000 Britannia members voted at the Society’s annual general meeting, held at the Birmingham National Exhibition Centre today (Wednesday, 29 April). 88.6 per cent of savings members voted in favour, well over the 75% majority required, and 86.2 per cent 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 FSA.
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.
The business will be led by current Britannia group chief executive Neville Richardson. Bob Burlton, the current CFS non-executive chairman will chair the new board.