CFS and Britannia exploratory talks
16/10/2008 – Talks to consider possibilities for commercial partnering across core product areas
In light of anticipated legislative changes that will make it easier for different types of mutuals to work together, Co-operative Financial Services (CFS) has confirmed that it is in exploratory talks with Britannia Building Society.
These talks are considering a range of possibilities from commercial partnering across core product areas to a possible future merger of the two businesses.
CFS Chief Executive David Anderson commented:
"CFS is in a strong financial position and we are moving forwards with our investment plan to significantly increase our market share in core markets over the next few years.
"The Britannia Building Society is a strong and trusted member-owned business which shares with CFS a common set of ethical values and principles.
"Both businesses are entering into these discussions from a position of strength, and clearly there are a number of potential options to explore.
"We will only take action, however, which benefits further the clear momentum occurring now within the co-operative and mutual sector."
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