MSE News: Coventry and Stroud & Swindon building societies to merge

This is the discussion thread for the following MSE News Story:

"The expanded society, with 1.5 million members from the September tie-up date, will be called Coventry Building Society ..."


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Comments

  • Old_Wrinkly
    Old_Wrinkly Posts: 5,182 Forumite
    Since there is already a thread on this from a fortnight or so ago (when Sky and the BBC reported the start of talks), perhaps they should be merged somehow ...
    http://forums.moneysavingexpert.com/showthread.html?t=2321725

    Incidentally, how is it still being termed a merger when the 'new' name will be Coventry, the HQ will be in Coventry, and the management will be Coventry's. Sounds like a takeover to me.
  • I'm a bit confused with the Stroud and Swindon's Annual Report and Review of 2009. They announce the "merger" with the Coventry on the same day as the Report and Review ares released, but there is no mentions of the merger in either. It even provide details of Board members up for re-election. Why when they announced on the same day that they won't be on the new board? Very weird.
  • edgex
    edgex Posts: 4,177 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Since there is already a thread on this from a fortnight or so ago (when Sky and the BBC reported the start of talks), perhaps they should be merged somehow ...
    http://forums.moneysavingexpert.com/showthread.html?t=2321725

    Incidentally, how is it still being termed a merger when the 'new' name will be Coventry, the HQ will be in Coventry, and the management will be Coventry's. Sounds like a takeover to me.


    building societies dont have shares, & so they cant be bought up/taken over
  • baby_boomer
    baby_boomer Posts: 3,883 Forumite
    First Post First Anniversary Combo Breaker
    edgex wrote: »
    building societies dont have shares, & so they cant be bought up
    Not exactly true, although you wouldn't know it from the current trend of their boards, your directors, giving them away for free to whoever will sort out their own pensions and payoffs :eek:
  • edda
    edda Posts: 1,057 Forumite
    First Post
    According to the Q&A sheet, Stroud & Swindon members will get a vote on the merger. Coventry members won't.
  • Cleaver
    Cleaver Posts: 6,984 Forumite
    First Anniversary Combo Breaker
    I glanced at the thread title and thought that Coventry and Swindon were merging. I can't imagine a more hellish place.
  • Sku11
    Sku11 Posts: 22 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    I'm not a regular on here but there seems to be more and more Building Societies being merged that are no longer paying either members any windfall payments like they used to a few years ago ... in the favour of those same members .... I can see that this deal offers some improved benefits to both savers and borrowers initially but what about the long term ..... will it end (eventually) in one big company offering poor rates for both savers and borrowers ..... like monopoly :mad:
  • Trada
    Trada Posts: 2 Newbie
    First Post Combo Breaker First Anniversary
    I had my voting papers come today not sure which way to vote.
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