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UK: Former treasury exec condemns failed bank merger

 |  April 30, 2014

Former treasury official Sir Christopher Kelly released a report examining the earlier merger between the Co-op Bank and the Britannia Building Society as one that failed to alleviate the financial struggles of both banks.

According to reports, the Co-op Group commissioned Sir Kelly to review the Britannia takeover. Sir Kelly issued the report and said the transaction “should probably never have happened.”

”Both organizations had problems,” he wrote. “Bringing them together exacerbated those problems.”

Sir Kelly reportedly blamed the Co-op Group’s mismanagement of the transaction for the failings of the merger.

Full content: The Telegraph

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