Mutual? Of course. Everyone benefits ...

Article Abstract:

The UK's building societies and mutual insurance companies are keen to ensure that their customers see clear benefits from mutuality. In this way, it will be easier to resist takeover bids or pressure from customers to abandon mutual status. It has become common for building societies to offer loyalty packages of between 20 million pounds sterling and 400 million pounds sterling a year in the form of reduced mortgage and higher savings rates than competitors which are publicly-quoted. These packages also play a key role in ensuring that customers do not switch to other financial institutions.

Fraternal organizations

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The Pru still has the urge to merge

Article Abstract:

Prudential has sought to deflect attention from rumours that it is considering purchasing a bank or building society, but analysts believe that the company still wishes to make acquisitions. These could include Halifax, where a partnership would most probably take the form of a merger on a share-per-share basis. Some observers believe that there would be significant synergies between Prudential and Halifax, which is regarded as having failed to capitalize on its market strength since its flotation in 1997.

Insurance, Insurance Carriers and Related Activities, INSURANCE CARRIERS, Planning, Insurance industry, Halifax Building Society, Prudential Corporation PLC

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The death of the building society

Article Abstract:

Building societies have been a feature of life in the UK for more than two centuries, but the mutually-owned approach now seems to be coming to an end. Almost all the top 10 building societies have either opted for flotation or been taken over, and their share of mortgage lending has declined dramatically. There is a strong trend towards combining banks, building societies and life insurance, and there are likely to be six or seven large consumer financial concerns in the future.

Column

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