PARLIAMENTARY EARLY DAY MOTION
BRITANNIA BUILDING SOCIETY AND RE-MUTUALISATION (14 June 2005)
Motion Details
That this House welcomes the Britannia Building Society's acquisition of the Bristol and West's savings business and branch network from the Bank of Ireland for £150 million; notes that this is the first major re-mutualisation in the United Kingdom, reversing the demutualisation trend in the late 1990s; further notes that Britannia will move into 65 towns and neighbourhoods where it is not currently present and Bristol and West's customers will become members and co-owners of Britannia; congratulates Britannia on its ongoing commitment to a branch network which provides increased access to consumers; and urges the Government to recognise that this is a further illustration of the important role that mutuals play in ensuring competition and value for money for the consumer.
Sponsored by:
Mr Adrian Bailey (Labour)
EDMS Sponsor By Party
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