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News Tag: Co-operative Financial Services

August 25, 2011

Co-op hit by falling food sales

by Gill Montia
Co-op hit by falling food sales
Co-operative Group has reported a fall in first-half underlying profit to £230.8 million, down from £262.3 million a year earlier. The mutual has been hit by declining food sales in the face of strong competition, reduced government funding for prescriptions and a change in the income recognition policy on the sale of its funeral bonds. More positively, Co-op's food business has finally completed ...




July 18, 2011

Co-operative Financial Services to axe 670 jobs

by Kay Mitchell
”Co-operative
Manchester-based Co-operative Financial Services (CFS) has announced plans to axe more than 600 jobs as part of a strategic review. The group said 670 field based jobs will go after conducting a review of its life insurance and savings division following its merger with the Britannia Building Society in August 2009. CFS, which has 8 million customers, has a workforce of 12,000 ...




July 6, 2010

Co-operative and Ecclesiastical sponsor ethical investment week

by David Masters
Co-operative and Ecclesiastical sponsor ethical investment week
The Co-operative Financial Services and Ecclesiastical Investment Management were named yesterday as sponsors of the third annual National Ethical Investment Week (NEIW). NEIW 2010, on 7-13 November, is a series of events and other activities across the UK to raise awareness of green and ethical investment options. UKSIF, the sustainable investment association behind NEIW, said the problems BP is facing at the ...




June 7, 2010

Co-op named sustainable bank of the year

by David Masters
Co-op named sustainable bank of the year
Co-operative Financial Services (CFS) secured the accolade of sustainable bank of the year at this year's Financial Times Sustainable Banking Awards. HSBC was announced as the runner up, while Itau Unibanco, Brazil won the award for emerging markets sustainable bank of the year. "We are seeing a much greater commitment by financial institutions in both developed and emerging markets to make sustainability ...




March 7, 2010

Coventry Building Society in merger talks with Stroud & Swindon

by Kay Mitchell
”Coventry
According to reports this weekend, Coventry Building Society is in merger talks with its smaller rival, the Stroud & Swindon. The talks follow a series of recent mergers between Britain’s building societies and, should a deal be successful, will bring more consolidation to the mutual sector. The news comes as Coventry, which is the country's third largest building society, ...




September 10, 2009

CFS announces results following Britannia merger

by Kay Mitchell
”CFS
The Co-operative Financial Services (CFS), which recently completed its merger with Britannia Building Society, has reported its interim results for the 28 weeks to 25 July 2009. CFS, which is part of The Co-operative Group, is the UK’s biggest mutual retailer with more than 4 million members, over £14 billion turnover and has over 5,000 retail trading outlets. The banking business recorded a ...




August 24, 2009

Co-op and Britannia shrink conveyancing panel

by Gill Montia
”Co-op
The merger of Britannia building society with Co-operative Financial Services has resulted in 3,600 of the mutuals' conveyancing panel members being dropped. Typically, solicitors on a lender's approved panel act for the buyer and the lender. However, the system is open to abuse and could facilitate mortgage fraud because the solicitor involved is responsible for ensuring that money reaches the right party and ...




February 27, 2009

Britannia cuts fixed-rates

by Gill Montia
Britannia cuts fixed-rates
Britannia Building Society has reduced rates on its two, three and five-year fixed deals by up to 0.95%. The new home loans are available from today (27th February) and the range includes a five-year fix with a rate of 4.24% for a 60% loan-to-value ratio. An arrangement fee of £999 applies. The lender is also offering remortgagers a one-year fixed-rate starting at 3.99% and says it ...




January 21, 2009

Britannia Building Society to merge with Co-operative Financial Services

by Kay Mitchell
”Britannia
The Britannia Building Society is set to merge with Co-operative Financial Services (CFS). The merger will create a business worth £70 billion in assets with nine million customers and over 12,000 employees in more than 300 branches. The combined group will be a wholly owned subsidiary of The Co-operative Group and Britannia members are to become Co-op members. The ...