Britania merger vote

darrelcartrip

Theres a report in todays times online that the enlarged coop bank will have 20 directors and only 4 taken from the britannia, is this a takeover by the co-op or a merger ?

Britannia members who vote yes are giving up your right to future self determination, you will not be able to exercise your rights as a member in the future over the management of the company

the country needs more mutuals not less!

cvd

Britannia members who vote yes are giving up your right to future self determination, you will not be able to exercise your rights as a member in the future over the management of the company

The Co-op has a different type of democracy. Members can be elected on to their local committee and from there stand for election to the regional commitee and from there stand for election to the national board.
This sort of representative democracy is how our system of government works. It favours the long-term activist - just like nobody can become Prime Minister unless they toe the party line for 20 years.

I think the building society system of having votes for all members is, in principle. more democratic. But, in practice it is less democratic because there is no building society where the directors really believe in consulting the members.

baby_boomer

It's not easy to vote in constantly changing circumstances. It looks like the new board is set on expansion - which can carry risks as well as rewards.

"....One of the likely candidates [to bid for the ailing Dunfermline BS] is Co-op Financial Services, which is thought to be ready to move now that the UK Government has cleared the toxic commercial lending debts of Dunfermline...."

Sunday Herald

cheggers

It's a joke a food retailer taking over the Britannia, I would have rather had the Nationwide take over my Britannia membership.

cvd

It's a joke a food retailer taking over the Britannia, I would have rather had the Nationwide take over my Britannia membership.

The Tesco Bank opens next month. Tesco may eventually capture a large proportion of the current account market - there are some great potential synergies. The traditional high street banks should be very afraid.

A valid criticism of the Co-op is that it has not exploited these potential synergies.

baby_boomer

A valid point cvd.

Normally we would say that Tesco Bank wouldn't work because it was a company paying another Plc bank commission to run its bank and so with two sets of shareholders to service, the rates / services would be bound to drop off after the initial offering.

But this really is Tesco Bank stand alone. They have bought out RBS's share.

Why not do your banking on your once a week outing to the supermarket ?

Also a brand new Tesco Bank isn't having to pay huge amounts to service government cash injections or set aside provisions to cope with past dodgy loans.

Not a bad time to set up a new bank if you've got the capital. The competition is going to be worse than crap for at least a decade.

baby_boomer

Financial Mail - Should you support the Britannia / Co-op merger?

Maybe yes, but not for the reasons the Britannia board gives you. Unfortunately Britannia needs the merger for commercial reasons / problems .

More like "Super Rescue" than "Super Mutual".

Britannia will lose its brand and the Britannia Members' Council will graduall be phased out and lose influence.

Britannia members will lose their impact on the organisation - they won't be able to directly vote for directors or express a view on directors' remuneration or take part in a major strategic review like the current one, as they do now.

"The Co-op is an unwieldy organisation run through regional and area committees."

Recent conversation in a Britannia branch

Britannia employee:
Have you voted on the merger to become a super mutual?

baby_boomer
No. How have you been doing recently.

Britannia employee
Very well. Savers have been investing with us to diversify due to the £50K FSCS protection limit. And those with more than £50K with us feel secure anyway because we are a mutual building society.

baby_boomer
So why are you asking me to vote in favour of you becoming a bank ?

Also they are pushing this vote like mad. My mother closed an account by phone recently and they were on at her to vote in favour of the merger.

cheggers

I'll vote in favour of the merger when I am paid for my lost membership, £500 and I'll put my X in the box.

As I'm getting nowt I am not voting for it:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

jack_spratt_2

cheggers wrote: »

I'll vote in favour of the merger when I am paid for my lost membership, £500 and I'll put my X in the box.

As I'm getting nowt I am not voting for it:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

I do not think your vote is worth £500 not even 5 pence !!sorry but those days are now long gone!!

You can take comfort that you will be a member of the co-operative movement

As baby-boomer has said

Unfortunately Britannia needs the merger for commercial reasons / problems .

"

The Co-op is an unwieldy organisation run through regional and area committees."

Which is true and in fact have been called a sleeping giant in the past but the financial services arm is a different beast

bristolleedsfan

jack_spratt wrote: »

I
You can take comfort that you will be a member of the co-operative movement

"Take comfort" :mad: If someone wanted to be a member of the co-operative movement they could do so without going via Britannia BS.