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Is Carpetbagging Dead

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  • castle96
    castle96 Posts: 2,978 Forumite
    Part of the Furniture 1,000 Posts
    one day... one day !
  • IanManc
    IanManc Posts: 2,444 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    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
    worldtraveller Posts: 14,013 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    edited 3 April 2020 at 1:55PM
    IanManc 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.
    There is a pleasure in the pathless woods, There is a rapture on the lonely shore, There is society, where none intrudes, By the deep sea, and music in its roar: I love not man the less, but Nature more...
  • 1882
    1882 Posts: 497 Forumite
    Part of the Furniture 100 Posts
    Nationwide were a good advert for the mutual sector but nowadays many banks treat customers better!
  • DiggerUK
    DiggerUK Posts: 4,992 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    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
    Thrugelmir Posts: 89,546 Forumite
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    How many of the building societies that demutualised survived as independent banks? 
  • castle96
    castle96 Posts: 2,978 Forumite
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    Nationwide... one day! ONE DAY ! FK the directors
  • ZeroSum
    ZeroSum Posts: 1,198 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper
    How many of the building societies that demutualised survived as independent banks? 
    Off the top of my head, probably just Halifax
  • bowlhead99
    bowlhead99 Posts: 12,295 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Post of the Month
    ZeroSum 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
    Newnoel Posts: 378 Forumite
    Third Anniversary 100 Posts Name Dropper
    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
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