Britannia and Co-operative to merge

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Co-operative Financial Services and Britannia building society have agreed the deal, which will create a business with £70 billion of assets, nine million customers and more than 300 branches.

The new business will provide a "unique, ethical alternative to shareholder - and Government - owned banks", a joint statement said.

Customers will see no immediate change as the new business will continue to trade under the Britannia and Co-operative brands, as well as the Co-op's Smile internet bank.

The merged company will only take on a single brand name after a process of integration - which is expected to last up to three years.

Britannia chairman Rodney Baker-Bates said: "The combined and complementary strengths of our businesses will offer customers a strong, fair and ethical alternative to banking plcs.

"Customers will be owners and will have available all the services they would expect from a major financial provider, together with a real say in setting strategy combined with a share of the profits."

Both companies have schemes whereby they pass a share of profits to customers and the firms said customers could earn greater member rewards after the merger.

The joint statement said the new business would continue to have a significant presence in Leek, Staffordshire and Manchester, where Britannia and the Co-operative currently have their respective headquarters.

However, there would be a reduction in roles during the merger. It said where there were two branches in the same town, these could be merged, but stressed there would be no compulsory redundancies among branch staff.