Yorkshire Building Society boss David Anderson today made a rallying call to his rivals at the Bradford & Bingley to keep up the fight for mutuality.
The Bradford-based building society chief executive was speaking after his society won the overwhelming support of members to keep carpetbaggers at bay.
More than 80 per cent of its 1.2 million members voted for a rule change, making it more difficult for people wanting to convert the society to a bank to succeed.
There were fears that Yorkshire Building Society would cease to have its headquarters in Rooley Lane, Bradford, putting 1,700 jobs at stake if it was forced to turn into or merge with a bank.
The Bradford & Bingley faces a crucial vote on its own future at its annual meeting on April 26, when a vote on conversion to a bank will be put from rebel member Stephen Major. Mr Anderson said: "I hope the Bradford & Bingley will be encouraged by the vote of our members. I also hope they will carry on being successful in getting their members out to vote and win the day. This vote strengthens our position as a mutual society."
Chris Holland, the Bradford & Bingley's corporate communications manager, said: "We are delighted with the Yorkshire vote as it means a vast majority of its members are in support of mutuality. We are trying to get the same message across - that mutuality pays.
"We are not thinking about similar rule changes for ourselves because we are concentrating on winning the annual meeting vote. But we are lobbying the Government to bring about law changes which will stop a small number of people being able to bring about big changes in the way societies are run."
A special resolution by Yorkshire Building Society saw 125,887 members vote in favour of the rule change, with 29,947 voting against.
The new rule means anyone wanting to turn the society into a bank must pass a special resolution needing a 75 per cent majority, instead of 50 per cent of the membership voting in favour. Mr Anderson added: "I am delighted that more than 80 per cent of our members have voted for the rule change. This is a very large majority saying they do not want to go along with the small minority who want to turn this society into a bank. Members have also elected directors who are pro-mutual."
The Yorkshire recently successfully fought off a bid by Britain's most prominent carpetbagger and former royal butler Michael Hardern to turn it into a bank. Now Bradford & Bingley is fighting to stave off Mr Major's conversion bid.
Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.
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