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Co-op customers to enjoy more branch options

Co-op customers to enjoy more branch options

Category: Banking

Updated: 14/12/2012
First Published: 25/08/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Customers who bank with the Co-operative Financial Services (CFS) will soon have four times more branches available to them in which to conduct their business.

While reporting its half-yearly results, the mutual confirmed that full servicing of its current accounts will be available at its 248 Britannia-branded branches from next month.

The move will effectively give its customers a near four-fold increase in outlets in which to conduct their banking.

The CFS merged with the Britannia Building Society in August 2009, to create what was dubbed at the time a super-mutual.

In these latest results, the CFS said the merged operations had now been integrated, and were making excellent progress in transforming the business and realising the benefits.

Despite conceding that the challenges facing the financial services industry remain 'considerable', the Co-op reported profits 20% higher than a year earlier.

Its operating profit of £131 million for the first six months of the year was delivered even though the provider put £90 million aside in order to cover claims for the potential mis-selling of payment protection insurance.

"Although an industry-wide issue, as a member-owned organisation, we are committed to doing the right thing for our customers and we will deal with complaints in a fair, personal, easy and responsible manner," it added.

At the same time, the mutual confirmed plans to enhance its relationship with AXA regarding the selling of insurance and banking products.

It also confirmed its intention to close its field sales force and said exclusive talks were under way regarding the sale of its life and asset management businesses.

"These proposals ensure that Co-operative customers have continuing access to expert financial advice via our extensive branch network," it said.

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