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UNDERNEWS

Undernews is the online report of the Progressive Review, edited by Sam Smith, who covered Washington during all or part of ten of America's presidencies and who has edited alternative journals since 1964. The Review, which has been on the web since 1995, is now published from Freeport, Maine. We get over 5 million article visits a year. See prorev.com for full contents of our site

March 18, 2010

CO-OP BUSINESS SOARS IN BRITAIN

GUARDIAN UK - The Co-operative Group has seen profits surge as it attracted thousands of bank account customers disillusioned with Britain's big banks.

The Co-op is paying its 5 million members - up 1.5 million over the last year - a dividend of L55m, 16% higher than in 2008. . . .

The group, which traces its roots to the founding of the co-operative movement in Rochdale in 1844, today reported a 38% jump in new current accounts as consumers deserted the bigger banks in droves in the wake of the financial crisis. It gained 140,000 new customers, taking the total to 1.2 million, and doubled its share of the current account market to 4%.

"We're already seeing a flight to trust," said Peter Marks, the chief executive. "People are weary of big business, especially in the financial services sector. They want to feel confident about where they're putting their hard-earned savings."


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