Britannia Building Society and Co-Operative Financial Services say it is too soon to predict how the proposed merger of the two organisations may affect Britannia’s Isle of Man-based offshore subsidiary, or the Co-Op’s Channel Islands’ branches and financial advisers.
Britannia’s customer members must first agree to the merger before it goes ahead. The vote is expected to take place before the end of April, a spokeswoman for Britannia, the UK’s second-largest building society, said.
Britannia International’s 20-year-old offshore subsidiary includes three branches on the Isle of Man, and looks after about 15,000 customers, whose deposits total about £1.5bn in a range of savings accounts.
