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Britannia Building Society

 
Britannia Building Society

 
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Britannia Building Society
 
 
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The Britannia Building Society is one of the major UK
United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom , the UK or Britain,is a sovereign state located off the northwestern coast of continental Europe....
 mutual building societies
Building society

A building society is a financial institution, Mutual organization, that offers Banking institution and other financial services, especially mortgage loan....
 remaining today, with headquarters in Staffordshire
Staffordshire

Staffordshire is a landlocked Counties of England in the West Midlands region of England. The county town is Stafford. Part of the National Forest, England lies within its borders....
, England
England

native_name =|conventional_long_name = England|common_name = England|image_flag = Flag of England.svg|image_coat = England COA.svg|symbol_type = Royal Coat of Arms...
. Britannia is the second largest building society in the United Kingdom based on total assets of £36.8 billion at 31 December 2007. It is a member of the Building Societies Association
Building Societies Association

The Building Societies Association is the trade organisation of the building society in the United Kingdom. In 2008 the 59 building societies in the UK had total assets of over ?360 billion....
.

Britannia Building Society provides financial services both directly and through more than 250 branches. Britannia is an important provider of both mortgage
Mortgage

A mortgage is the transfer of an interest in property to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt....
s and savings
Savings account

Savings accounts are accounts maintained by retail financial institutions that pay interest but can not be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return....
 in the UK, as well as commercial lending.






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The Britannia Building Society is one of the major UK
United Kingdom

The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom , the UK or Britain,is a sovereign state located off the northwestern coast of continental Europe....
 mutual building societies
Building society

A building society is a financial institution, Mutual organization, that offers Banking institution and other financial services, especially mortgage loan....
 remaining today, with headquarters in Staffordshire
Staffordshire

Staffordshire is a landlocked Counties of England in the West Midlands region of England. The county town is Stafford. Part of the National Forest, England lies within its borders....
, England
England

native_name =|conventional_long_name = England|common_name = England|image_flag = Flag of England.svg|image_coat = England COA.svg|symbol_type = Royal Coat of Arms...
. Britannia is the second largest building society in the United Kingdom based on total assets of £36.8 billion at 31 December 2007. It is a member of the Building Societies Association
Building Societies Association

The Building Societies Association is the trade organisation of the building society in the United Kingdom. In 2008 the 59 building societies in the UK had total assets of over ?360 billion....
.

Britannia Building Society provides financial services both directly and through more than 250 branches. Britannia is an important provider of both mortgage
Mortgage

A mortgage is the transfer of an interest in property to a lender as a security for a debt - usually a loan of money. While a mortgage in itself is not a debt, it is the lender's security for a debt....
s and savings
Savings account

Savings accounts are accounts maintained by retail financial institutions that pay interest but can not be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return....
 in the UK, as well as commercial lending. Britannia also has an agreement with AXA to provide life, pension protection and investment products through its branches.

History

Britannia traces its history back to 1856, when the Leek and Moorlands Permanent Benefit Building Society was formed. The Society evolved into today's Britannia through a series of mergers, notably with the NALGO Building Society in 1960, the Westbourne Park in 1965 (leading to a change of name to Leek and Westbourne) and with the Eastern Counties (as Leek, Westbourne and Eastern Counties) in 1974. A further merger in 1975 with the Oldbury Britannia Building Society saw the change of name to Britannia.

Bristol & West acquisition

The most recent acquisition was the savings arm and branch network of former building society Bristol & West (with approximately 700,000 savings customers). This was the first major re-mutualisation in the United Kingdom (following the earlier demutualisation trend) and brought membership of the enlarged society to nearly 3 million.

Merger talks


In October 2008, it was reported that the Britannia was in talks with Co-operative Financial Services
Co-operative Financial Services

Co-operative Financial Services Limited is a Cooperative society providing financial services within the United Kingdom. It is a wholly owned subsidiary of The Co-operative Group which is the largest Consumers' cooperative and sixth-largest food retailer in the UK....
 (owners of the Co-operative Bank
Co-operative Bank

The Co-operative Bank plc is a Commerce bank trading as The Co-operative Bank in the United Kingdom and Guernsey, with headquarters in Manchester....
 and Co-operative Insurance Society
Co-operative Insurance Society

The Co-operative Insurance, formally Co-operative Insurance Society Ltd, is a large insurance company based in Manchester in the United Kingdom....
) with a view to sharing facilities and possibly a full merger.

Such a venture would be possible following the passing of the Building Societies (Funding) & Mutual Societies (Transfers) Act 2007, although further secondary legislation is required before such a merger can take place.

On 21st January 2009, Co-operative Financial Services and Britannia Building Society agreed to a merger, with the new 'super-mutual' being brought under the stewardship of The Co-operative Group. The proposed merger is subject to a vote by Britannia's members at their AGM at the end of April 2009.

Trivia

Britannia are the official sponsors of Stoke City FC, who will play the 2008-09 season in the Barclays Premier League, and lend their name to the stadium
Britannia Stadium

The Britannia Stadium is a Association football stadium in Stoke-on-Trent, England. It is the home of Stoke City F.C.. The club had played at the Victoria Ground until 1997 and the move was the brainchild of then-Chief Executive Jez Moxey....
. They also sponsor Ipswich Town's west stand at Portman Road
Portman Road

Portman Road is an association football stadium in Ipswich, Suffolk, England. It has been the home ground of Ipswich Town F.C. since 1884. The stadium has also hosted a number of England youth international matches, and one England national football team Exhibition game#Football international match, against Croatia national football team in...
, the Britannia Stand. This stand is the largest in the Football League Championship
Football League Championship

The Football League Championship is the highest division of The Football League and second-highest division overall in the English football league system after the Premier League....
.

In 2008 many employees took part in the Times newspaper employee satisfaction survey and they made it to number 2 in the large company category.

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