Four UK banking and finance industry bodies to unify
(16 June 2016 – United Kingdom) The British Bankers’ Association (BBA) will merge with three other financial services groups to amalgamate industry representation.
BBA will dissolve and merge with the Council of Mortgage Lenders (CML), Payments UK, and the UK Cards Association, and each group will bring its members to the still-to-be-titled organization. A chief executive has yet to be chosen.
“We look forward to working with the other trade associations and to providing a world-class service for our members across the banking sector,” BBA CEO Anthony Browne said.
Reports highlight that the united group will assist the BBA with placing its connection to the scandal involving the global Libor interest-rate benchmark, behind it, and its members.
The decision to merge was made by the members of the four different groups, with the move requiring approval of three-quarters of BBA member banks.
“It is right that our members get effective representation and value for money from their trade associations,” Browne said.
“The BBA membership has voted 94 percent in favour of consolidating the BBA as part of a new financial services trade association,” he added.
Earlier this year, around three-quarters of CML members approved the merger. CML Chairman Peter Hill said the new organisation must have “sufficient powers and headroom to represent the mortgage lending community as effectively as the CML does”.