Is Carpetbagging Dead

castle96

one day... one day !

IanManc

worldtraveller said:

couriervanman said:

Britannia......was part of co-op bank
Chelsea.....now part of Yorkshire B/S
Norwich & Pet....now part of Yorkshire B/S
Stroud & Swindon.....now part of Coventry B/S

There were no windfall payments on these mergers

Sure, but a merger isn't a demutualisation.

I'm still a 'member' of Nationwide (via an account held from the 1960's in Anglia Buliding Society) and of Britannia (from an account opened back in the 1980's).

I can't see any further demutualisation at any time soon because demutualisation was an undoubted failure, as the shareholder owned mortgage banks that resulted, I believe, all failed.

You can't still be a "member" of Britannia as it now just a trading name of the Co-op Bank, and that bank is wholly owned by US hedge funds.

worldtraveller

IanManc said:

worldtraveller said:

couriervanman said:

Britannia......was part of co-op bank
Chelsea.....now part of Yorkshire B/S
Norwich & Pet....now part of Yorkshire B/S
Stroud & Swindon.....now part of Coventry B/S

There were no windfall payments on these mergers

Sure, but a merger isn't a demutualisation.

I'm still a 'member' of Nationwide (via an account held from the 1960's in Anglia Buliding Society) and of Britannia (from an account opened back in the 1980's).

I can't see any further demutualisation at any time soon because demutualisation was an undoubted failure, as the shareholder owned mortgage banks that resulted, I believe, all failed.

You can't still be a "member" of Britannia as it now just a trading name of the Co-op Bank, and that bank is wholly owned by US hedge funds.

OK, sure, semantics rule! You're correct! On the merger with Co-operative Financial Services, members of the former Britannia Building Society became members of the Co-operative Group.

1882

Nationwide were a good advert for the mutual sector but nowadays many banks treat customers better!

DiggerUK

gandb said:

I've £100 sat in several Mutual Building Societies.   Have the rules changed?   The derisory % is irrelevant.  Is Carpet-bagging Dead?
My list includes:  Any suggestions please?

Britannia

Chelsea

Coventry

Nationwide

Newbury

Newcastle

Norwich & Pet

Stroud & Swindon

West Bromwich

It seems there won't be a lot worth taking from your cold, dead hand, when the time comes. You don't even have enough to buy a shiny, gleaming one ounce gold Britannia.

Carpet bagging???... didn't that go out with flares..._

Thrugelmir

How many of the building societies that demutualised survived as independent banks? 

castle96

Nationwide... one day! ONE DAY ! FK the directors

ZeroSum

Thrugelmir said:

How many of the building societies that demutualised survived as independent banks? 

Off the top of my head, probably just Halifax

bowlhead99

ZeroSum said:

Thrugelmir said:

How many of the building societies that demutualised survived as independent banks? 

Off the top of my head, probably just Halifax

And that one didn't exactly 'survive' independently ; too-big-to-fail, Lloyds were pressured to take it under their wing to stop it going pop (paying way more to HBOS shareholders than they really deserved; HBOS P&L in 2008 was negative £10-11 billion) and then Lloyds in turn got £20bn of government assistance, but kept going.

So the Halifax brand still exists, but not because it was still a resilient and well capitalised lender a decade after demutualisation. It was quite the opposite!

Newnoel

roddydogs said:

Nationwide put it to a vote, but the majority voted to stay a mutual so now youve got all the disadvantages of a bank, without the payout!

The only ones getting a payout from the Nationwide were, and still are, the directors.
From the 2019 remunerartion report, the top directors earned between £1.3m and £2.4m each:
Report of the directors on remuneration 2019 | Nationwide
It is yet another so-called mutual run for the benefit of its directors, rather than the account holders