News Column

Britannia's fate

February 12, 2014

Britannia Building Society would have collapsed if it had not been taken over by the Co-operative Bank, the Bank of England's chief regulator told MPs.

Andrew Bailey said attention was diverted from Britannia's risky loan book by its merger with the Co-op in 2009. "The merger essentially took it out of the limelight and in that sense it achieved its objective," Bailey told the Treasury select committee.

From 2011 the combined bank attempted a takeover of more than 600 Lloyds bank branches. That deal collapsed last April. Sean Farrell

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Source: Guardian (UK)

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