Britannia Building Society
Encyclopedia
The Britannia is a financial services institution and trading name of the Co-operative Bank
Plc in the United Kingdom
.
Before the merger with the Co-operative, Britannia was a mutual building society
, with headquarters in Leek
, Staffordshire
. It was the second largest building society in the UK based on total assets of £36.8 billion at 31 December 2007.
Britannia provides financial services both directly and through more than 250 branches. It is an important provider of both mortgages
and savings
, as well as commercial lending. Britannia also has an agreement with AXA
to provide life assurance, pension protection and investment products through its branch network.
Britannia also includes the engagements of the former Calne and District Permanent Benefit (1977), Westbury and District Permanent (1977), Glantawe Permanent, The (1978), Stoke-on-Trent Permanent (1980), Alfreton (1981), Wellington (Somerset) and District (1981), Denton (1981), Over Darwen (1981), Driffield (1982), Colne (1983), Welsh Economic (1984), Blackheath (1986) and Mornington (1991) building societies.
in May 2005. This was the first major re-mutualisation in the United Kingdom (following the earlier demutualisation trend) and brought membership of the enlarged society to just under three million. Bank of Ireland retains ownership of the Bristol & West brand and all other parts of the business.
Coincidently, the competitor and largest remaining Building Society, Nationwide
, was itself formed in 1884 as the Co-operative Permanent Building Society
to provide services to members of the co-operative movement.
A former member of the Building Societies Association
and the Council of Mortgage Lenders
, Britannia also subscribes to the Banking Code and the Financial Ombudsman Service
.
On the merger with Co-operative Financial Services, members of the former Britannia Building Society became members of the Co-operative Group. The membership reward scheme was replaced with the co-operative membership scheme on 31 December 2009, when members began to earn dividend based on their account holding and borrowing with Britannia.
who play in the Premier League and lend their name to the stadium
. They also sponsor Ipswich Town F.C.
's west stand at Portman Road
, the Britannia Stand.
Britannia also maintains trade union affinity partnerships with UNISON
—the Public Service Union (successor to NALGO), the Union of Shop, Distributive and Allied Workers
(USDAW), the Association of Teachers and Lecturers
(ATL) and Unity
(formerly CATU).
Co-operative Bank
The Co-operative Bank plc is a commercial bank in the United Kingdom and Guernsey, with its headquarters in Manchester.The bank markets itself as an ethical bank, and refuses to invest in companies involved in the arms trade, global climate change, genetic engineering, animal testing and use of...
Plc in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
Before the merger with the Co-operative, Britannia was a mutual building society
Building society
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. These institutions are found in the United Kingdom and several other countries.The term "building society"...
, with headquarters in Leek
Leek, Staffordshire
Leek is a market town in the county of Staffordshire, England, on the River Churnet. It is an ancient borough and was granted its royal charter in 1214.It is the administrative centre for the Staffordshire Moorlands District Council...
, Staffordshire
Staffordshire
Staffordshire is a landlocked county in the West Midlands region of England. For Eurostat purposes, the county is a NUTS 3 region and is one of four counties or unitary districts that comprise the "Shropshire and Staffordshire" NUTS 2 region. Part of the National Forest lies within its borders...
. It was the second largest building society in the UK based on total assets of £36.8 billion at 31 December 2007.
Britannia provides financial services both directly and through more than 250 branches. It is an important provider of both mortgages
Mortgage loan
A mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that realty through the granting of a mortgage which secures the loan...
and savings
Savings account
Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...
, as well as commercial lending. Britannia also has an agreement with AXA
AXA
AXA S.A. is a French global insurance group headquartered in the 8th arrondissement of Paris. AXA is a conglomerate of independently run businesses, operated according to the laws and regulations of many different countries. The AXA group of companies engage in life, health and other forms of...
to provide life assurance, pension protection and investment products through its branch network.
History
Britannia traces its history back to 1856, when the Leek and Moorlands Permanent Benefit Building Society was formed. By 1857, the Society had 204 members and by 1921, it had assets in excess of £1m. The Society evolved into today's Britannia through a series of mergers, firstly with Longton Mutual Permanent Benefit Building Society in 1938 and notably with the NALGO Building Society in 1960—by which time it had become one of the ten largest societies, the Westbourne Park in 1965 (leading to a change of name to Leek and Westbourne) and with the Eastern Counties (as Leek, Westbourne and Eastern Counties) in 1974. A further merger in 1975 with the Oldbury Britannia Building Society saw the change of name to Britannia.Britannia also includes the engagements of the former Calne and District Permanent Benefit (1977), Westbury and District Permanent (1977), Glantawe Permanent, The (1978), Stoke-on-Trent Permanent (1980), Alfreton (1981), Wellington (Somerset) and District (1981), Denton (1981), Over Darwen (1981), Driffield (1982), Colne (1983), Welsh Economic (1984), Blackheath (1986) and Mornington (1991) building societies.
Bristol & West
The most recent acquisition was the deposit base and branch network of former building society Bristol & West (bringing with it approximately 700,000 customers) from Bank of IrelandBank of Ireland
The Bank of Ireland is a commercial bank operation in Ireland, which is one of the 'Big Four' in both parts of the island.Historically the premier banking organisation in Ireland, the Bank occupies a unique position in Irish banking history...
in May 2005. This was the first major re-mutualisation in the United Kingdom (following the earlier demutualisation trend) and brought membership of the enlarged society to just under three million. Bank of Ireland retains ownership of the Bristol & West brand and all other parts of the business.
Co-operative Group
On 21 January 2009 Co-operative Financial Services (now the Co-operative Banking Group) and Britannia Building Society proposed a merger, first mooted in October 2008. On 29 April 2009 Britannia members voted overwhelmingly to become part of CFS, the first such merger between different types of mutual under the so-called Butterfill Act (2007 cap. 26). CFS, which incorporates the Co-operative Bank and Co-operative Insurance Society, is itself a subsidiary of Co-operative Group Ltd, the largest consumer co-operative in the world. On 1 August 2009 Britannia Building Society was legally dissolved and Neville Richardson, its last Chief Executive, became Chief Executive of the enlarged CFS.Coincidently, the competitor and largest remaining Building Society, Nationwide
Nationwide Building Society
Nationwide Building Society is a British building society, and is the largest in the world. It has its headquarters in Swindon, England, and maintains significant administration centres in Bournemouth and Northampton...
, was itself formed in 1884 as the Co-operative Permanent Building Society
Co-operative Permanent Building Society
The Co-operative Permanent Building Society was a mutual building society, providing mortgages and savings accounts to its members. Its head office was located at New Oxford House in London...
to provide services to members of the co-operative movement.
Subsidiaries
The Britannia group of companies includes the following principal subsidiary undertakings:- Britannia International Limited
- Britannia Treasury Services Ltd.
- Britsafe Insurance Services (Guernsey) Ltd.
- Platform Home Loans Ltd., subprime mortgage loans for the use of UK intermediaries only
- Western Mortgage Services Ltd.
A former member of the Building Societies Association
Building Societies Association
The Building Societies Association is the trade organisation of the building societies in the United Kingdom. In 2011 the 48 building societies in the UK had total assets of over £317 billion. 15 million adults have building society saving accounts and over 2.9 million adults are currently buying...
and the Council of Mortgage Lenders
Council of Mortgage Lenders
The Council of Mortgage Lenders is an industry body representing mortgage lenders in the United Kingdom.Its members consist of banks, building societies and specialist lenders and represent 98% of mortgage lending in the UK....
, Britannia also subscribes to the Banking Code and the Financial Ombudsman Service
Financial Ombudsman Service
The United Kingdom's Financial Ombudsman Service is an ombudsman established in 2001 as a result of the Financial Services and Markets Act 2000 to help settle disputes between consumers and UK-based businesses providing financial services, such as banks, building societies, insurance companies,...
.
Membership
In 1999, Britannia was one of seven building societies unsuccessfully targeted by so-called carpetbagger Michael Hardern. To fight this threat to its mutual status, in 1998, the Society announced that new members would in future be required to assign any future windfall payments to the Britannia Building Society Foundation, a charity set up for this purpose.On the merger with Co-operative Financial Services, members of the former Britannia Building Society became members of the Co-operative Group. The membership reward scheme was replaced with the co-operative membership scheme on 31 December 2009, when members began to earn dividend based on their account holding and borrowing with Britannia.
Sponsorship
Britannia are the official sponsors of Stoke City F.C.Stoke City F.C.
Stoke City Football Club is an English professional football club based in Stoke-on-Trent, Staffordshire that plays in the Premier League. Founded in 1863, it is the oldest club in the Premier League, and considered to be the second oldest professional football club in the world, after Notts...
who play in the Premier League and lend their name to the stadium
Britannia Stadium
The Britannia Stadium is an all-seater football stadium in Stoke-on-Trent, England and the home of Premier League club Stoke City Football Club. With space for 27,598 spectators . The name is taken from the sponsors of the Stadium the Britannia Co-operative Bank...
. They also sponsor Ipswich Town F.C.
Ipswich Town F.C.
Ipswich Town Football Club are an English professional football team based in Ipswich, Suffolk. As of 2011, they play in the Football League Championship, having last appeared in the Premier League in 2001–02....
's west stand at Portman Road
Portman Road
Portman Road is an association football stadium in Ipswich, Suffolk, England. It has been the home ground of Ipswich Town F.C. since 1884. The stadium has also hosted a number of England youth international matches, and one senior England friendly international match, against Croatia in 2003...
, the Britannia Stand.
Britannia also maintains trade union affinity partnerships with UNISON
UNISON
UNISON is the largest trade union in the United Kingdom with over 1.3 million members.The union was formed in 1993 when three public sector trade unions, the National and Local Government Officers Association , the National Union of Public Employees and the Confederation of Health Service...
—the Public Service Union (successor to NALGO), the Union of Shop, Distributive and Allied Workers
Union of Shop, Distributive and Allied Workers
The Union of Shop, Distributive and Allied Workers is a trade union in the United Kingdom. Consisting of over 405,000 members, USDAW is the UK's fourth largest and fastest growing trade union. Membership has increased by more than 17% in the last five years and by nearly a third in the last decade...
(USDAW), the Association of Teachers and Lecturers
Association of Teachers and Lecturers
The Association of Teachers and Lecturers is a trade union, teachers' union and professional association, affiliated to the Trades Union Congress, in the United Kingdom representing educators from nursery and primary education to further education...
(ATL) and Unity
Unity (trade union)
Unity, formerly the Ceramic and Allied Trades Union, is a British trade union, created in the early 19th century to protect pottery workers from dangerous conditions of their field. In 2006 it changed its name to Unity....
(formerly CATU).