Britannia, the country’s second-biggest building society, has confirmed it is merging with the Co-op’s financial services arm to create a 'super-mutual' with more than 9m members.
The deal will create a group with £70bn of assets, more than 12,000 employees, and over 300 branches. It will still be smaller than Nationwide, the UK’s largest mutual, but will have a bigger mortgage book than HSBC and more savings than Royal Bank of Scotland.
Britannia members, who will vote on the deal in April, will become members of the Co-op Group. They will receive the Co-op dividend, but no windfall payout.
Daily Telegraph, The Independent