Britania merger vote

EdwardR_2

I think David Anderson has done a great job in steering the co-op in the last few years. The co-op are still registering profit in this current climate which shows he is doing something right. It worries me that he is leaving and this Neville guy which I haven't heard a good word about is taking over!

Cheggers, Whats wrong with being a co-op member?

sons_2

cheggers wrote: »

I voted no because I did not want to become a Co-op member, I wanted a payout for the loss of my membership. If Nationwide or Yorkshire had taken them over I would not have minded.
:mad:

So you would be happy getting no payout from Yorkshire or Nationwide (making a huge company) but if it's the Co-op then it's a no.

Would love to know your reasoning. I think the chance to create a large company with a different outlook could be good for the banking/BS industry.

NicW_4

I am a fan of mutualism and ethical practice and think that the new Coop-Britannia may be too big to be properly mutual. It seems to me that an organisation that survived the past year must have been prudently run and we can afford one year's poor benefits in return for the safety of our money. I can't see the advantage to Britannia members of the merger - just one less ethical/mutual player in the market.

But my question is: What if they don't get 75% of the vote? Can we expect a big upheaval on the Britannia board, or will they look for other mergers, or a merger with the Coop with a better deal for Britannia members, or will they knuckle down and do their best for us at our present size?

Should this uncertainty stop me voting "No"?

premierfella

In the unlikely event of a No vote, anything is possible. However, my money would be on something akin to Ireland's Lisbon treaty referendum - make a few changes and plan for a revote.

Personally, the only thing that would have made me vote differently is if I thought the society might go down the route of a forced merger, but I think this is unlikely so am comfortable with my No vote to the current proposal.

baby_boomer

Junior savers might think that 0.25% with the Britannia is no incentive to learn the savings habit.

Until they learn that the Co-op pays only 0.12% (and the Co-op hasn't even adjusted its rates since the last bank base rate cut :eek: )

Happy times ahead :rolleyes: . When my fixed rate accounts mature my money is heading elsewhere.

baby_boomer

Britannia was the largest purchaser of the dodgy GMAC mortgages (£5bn worth) which caused Moody's to savagely downgrade the sector.

The merger looks part rescue / part Britannia management finding a way of never having to account to their members for the damage they caused .

baby_boomer

Vote YES says Financial Mail - Britannia is in no fit state to remain independent

Not quite the same message our board is giving us .

withnell

baby_boomer wrote: »

Vote YES says Financial Mail - Britannia is in no fit state to remain independent

Not quite the same message our board is giving us .

On the basis of that article anyone with a downgraded credit rating should merge - that won't leave much competition as I think it's happened to pretty much everyone!

apt

If Britannia is in no fit state to continue then neither is the CEO who put it in that state.

baby_boomer

How apt!

EdwardR wrote: »

Cheggers, Whats wrong with being a co-op member?

Some of the profits go to support the Labour Party?