Customers approve unanimously - almost

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The Independent Online
BORROWERS and savers visiting the Cheltenham & Gloucester branch in the City yesterday were unanimously in favour of the proposed takeover by Lloyds, writes Caroline Merrell.

But at least one questioned whether the building society would remain as efficient.

Anthony Finch, a retail meat trader, has been with C&G for four years. 'I am going to vote in favour of the deal and I will stay with the society afterwards, provided the service remains the same. But this won't happen if my bank is anything to go by.'

His wife also had an account and would benefit from the pounds 500 cash payment and 10 per cent cash payment of the amount invested.

Jay Moghe, who works in the investment department of Lloyds, has just taken out his mortgage with C&G. If the deal goes through, he will receive pounds 500. He said that, despite his job, he had no inkling of the deal. He is going to vote in favour. 'I did not go to the C&G because of the possibility of a cash windfall, it simply had the best fixed rate,' he said.

He will use the extra money to help to pay off his mortgage, or to go on holiday.

Another saver, who did not want to be named, had only pounds 5 invested with C&G after recently reducing his savings from pounds 2,000.

The deal would net him another pounds 500 - and he is going to vote in favour.

Tracy Knipe, a recruitment consultant, was about to close her account.

She had planned to withdraw her savings of pounds 6,500 as a deposit on a house she is buying.

'I come from Cheltenham and have been with the society since I was a schoolgirl.'

She plans to keep her account open. She will not benefit from the pounds 500 offered to borrowers, as she has arranged her mortgage elsewhere.

----------------------------------------------------------------- HOW THE PAYMENTS ARE DISTRIBUTED ----------------------------------------------------------------- Flat Average Average payment % amount total 840,000 voting investors pounds 500 pounds 1,200 pounds 1,700 each 370,000 borrowers pounds 500 - pounds 500 each property 60,000 depositors - pounds 2,500 pounds 2,500 each ----------------------------------------------------------------- A customer may qualify for payment under each of these headings. -----------------------------------------------------------------

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