We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Britannia/Co-op - to become the super BS?
Options
withnell
Posts: 1,629 Forumite
Anyone else heard the comments from the CEO of Britannia stating the combined group will be looking for other aquisitions....
0
Comments
-
Really? That's 'big' of them considering that the 'deal' requires 75% voting support from, Britannia members [Co-op members get no vote] and they haven't voted to join the Co-op yet!Anyone else heard the comments from the CEO of Britannia stating the combined group will be looking for other acquisitions....
Once this 'merged' (actually a cashless buyout by Co-op bank of the Britannia) entity is formed, the result will no longer be a 'building society' however. You will just become a 'member' of the Co-op. In any subsequent merger with a pukka building society your Co-op (ex Britania) 'membership' will confer no right to a vote.
So watch out you little mutuals. As far as I am concerned, Co-op just wants to remove your voting rights under this new piece of legislation without the customary conpensation for loss of ownership that would require votes and windfalls. How can you still 'own' something actually if you no longer have the decision making power that you formerly had.
An 'ownerless mutual', that's what they should call this thing....
[jackspratt will be along in a while I suspect to give the Co-op authorised version...].....under construction.... COVID is a [discontinued] scam0 -
-
You will just become a 'member' of the Co-op. In any subsequent merger with a pukka building society your Co-op (ex Britania) 'membership' will confer no right to a vote.
You wouldn't get a vote in such a merger anyway. Britannia members didn't get to vote on the acquisition of the Staffordshire. Nationwide members got no vote in the 'merger' with Portman, let alone Cheshire or Derbyshire.0 -
You wouldn't get a vote in such a merger anyway. Britannia members didn't get to vote on the acquisition of the Staffordshire. Nationwide members got no vote in the 'merger' with Portman, let alone Cheshire or Derbyshire.
Its Britannia BS that is being taken over by Coop, It was Portman ( not Britannia) who took over Staffordshire, Nationwide took over Portman, can you see the difference. :huh: Cheshire and Derbyshire members didnt get a vote for already publicised reasons.
0 -
Really? That's 'big' of them considering that the 'deal' requires 75% voting support from, Britannia members [Co-op members get no vote] and they haven't voted to join the Co-op yet!
Once this 'merged' (actually a cashless buyout by Co-op bank of the Britannia) entity is formed, the result will no longer be a 'building society' however. You will just become a 'member' of the Co-op. In any subsequent merger with a pukka building society your Co-op (ex Britania) 'membership' will confer no right to a vote.
So watch out you little mutuals. As far as I am concerned, Co-op just wants to remove your voting rights under this new piece of legislation without the customary conpensation for loss of ownership that would require votes and windfalls. How can you still 'own' something actually if you no longer have the decision making power that you formerly had.
An 'ownerless mutual', that's what they should call this thing....
[jackspratt will be along in a while I suspect to give the Co-op authorised version...]
You called :hello:0 -
Okay then I will !! I do not want to disappoint Milarky.
After seeing the incompetence of the Banks and other financial institutions (that have made the move to go a PLC) my belief in the mutual way has been strengthened even more .
If the Britannia was being taken over by a public limited company I could understand your disappointment at not getting your windfall but it is not !! you have just swapped from being part of a smaller mutual society to a lager one .
Mergers like this will happen more and more frequently in the future0 -
Anyone that wants to keep on getting a payment after the merger happens (if it does) should become a co-op member and then get payment based upon what they have in the company or what they borrow. I like the co-op philosophy and must admit I am a member.I am a Financial Adviser.
Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Anyone else heard the comments from the CEO of Britannia stating the combined group will be looking for other aquisitions....
Where did you hear this, have you got a link as I can't find anything.I am a Financial Adviser.
Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
As I live in a town where the Co-op closed its department store last year and its supermarket last week I am not that great a believer in the Co-op's 'philosophy'. Like the Nationwide it's more marketing than anything else. I also suspect that the Britannia might underestimate the willingness of its savers to vote against the merger. I think they'll struggle to get 75% without some sort of sop.0
-
I agree with apt in as much as the mutual way is not perfect by a long way !! but as an alternative to the way the big Banks have conducted themselves over the last few years it has got to be better0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards