Commenting on this morning's announcement by The Co-operative Group, Adrian Coles, Director-General of the BSA said:
"We welcome today's announcement which takes us several steps closer to a significant expansion in the mutual sector. Mutuals are increasingly providing an alternative for consumers looking for value for money, good customer service and a different approach to financial services."
Hilary McVitty - firstname.lastname@example.org / 020 7520 5926
Notes to Editors
1. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 47 UK building societies. Mutual lenders and deposit takers have more than 32 million customers, total assets of over £375 billion and, together with their subsidiaries, hold residential mortgages of nearly £240 billion, 19% of the total outstanding in the UK. They hold more than £250 billion of retail deposits, accounting for 22% of all such deposits in the UK. Mutual deposit takers account for 34% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.
2. Photographs of Adrian Coles are available from the BSA press office, or from the Association's website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk
Policy and External Affairs Officer
Building Societies Association
6th Floor, York House