Mergers Under The Act
There have been several high profile mergers under the auspices of the Act.
In August 2009, Britannia Building Society merged with Co-operative Financial Services (part of the Co-operative Group). Britannia continues as a brand, but it is now owned by the Co-op.
In February 2011, Kent Reliance Building Society pooled its assets with American private equity bank J.C. Flowers & Co.. J.C. Flowers & Co. has a 40% interest in the new bank, named OneSavings Bank plc, with the other 60% in the hands of Kent Reliance Provident Society, a mutual organisation owned by former Kent Reliance BS members. The bank trades as krbs.
Read more about this topic: Building Societies (Funding) And Mutual Societies (Transfers) Act 2007
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