Financial providers complete merger

Posted 04/08/2009

The merger between Co-op Financial Services (CFS) and Britannia Building Society has been completed.

Neville Richardson, former chief executive of Britannia, will take charge of the combined businesses following the conclusion of the £70 billion deal.

Commenting on the move, he said he hopes it will help to restore trust in the financial services sector following the recent problems in the industry.

“We aim to provide a genuine alternative to those disillusioned with shareholder-owned banks,” Mr Richardson commented.

He stated that the ethically-led organisation would reward members and be completely accountable to them.

Bob Burlton, non-executive chairman of CFS, added that the deal comes at a time when many people are questioning the integrity of their banks.

Meanwhile, a takeover bid for convenience store chain Nisa-Today’s has been rejected by the company.

Rival firm Costcutter is understood to be thinking of tabling an improved bid to go ahead with the acquisition.