Britannia

Britannia is the trading name of the British Co-operative Bank Pls. Prior to its merger with the Co-Operative, its headquarters were housed in Staffordshire. Based on assets trading at £36.80, as of 31 December 2007, this entity has been the second largest in the United Kingdom. Its financial services are provided through more than 250 branches.

The start of this year was marked by proposal for merger between the two institutions. On 1st August 2009, FSA`s approval was gained and the business was formally established. As a result, the new company will enjoy stronger capital basis and a far better liquidity, strengthened by higher profits. The Co-operative Bank will benefit from the high profile presence of Britannia, along with its strong mortgage and savings products, insurance, corporate and personal banking, and expertise in management.

The newly formed business will dispose of assets, totaling more than £70 billion, nine million customers, over 12000 employees, more than 300 branches, and 20 banking corporate centers.

The Co-operative Group is the largest consumer co-operative in the world. Its turnover is over £14 billion per year. The business interests of the group cover financial services, the food industry, funeral services, travel, and the pharmacy sector.
The former Chief Executive of the Britannia group, Neville Richardson, will lead the business. In his opinion, the merger allows the establishment of an organization with reputation and financial power, offering to British citizens a wide scope of products.

Britannia and the Co-operative Services will retain their existing brands and products. New products and services will be available in three years. Plan already envision the opportunity to conduct transactions from all branches of the enlarged network.

Britannia’s history can be traced back to 1856, a year marked by the establishment of the Leek and Moorlands Permanent Benefit Building Society. After many mergers, Britannia, as known today, has grown and evolved. In 1999, Britannia was also among the seven societies targeted unsuccessfully by Michael Hardern.