BBA members vote for trade body merger

Members of the British Bankers’ Association have voted for the organisation to merge with three other bodies to form a new trade association.

The BBA will now join the Council of Mortgage Lenders, Payments UK and UK Cards Association in the new trade body.

Around 94 per cent per cent of the BBA’s voting membership agreed to merge.

The Asset Based Finance Association is still deciding on the merger.

BBA chief executive Anthony Browne says: “It is right that our members get effective representation and value for money from their trade associations.

“We look forward to working with the other trade associations and to providing a world class service for our members across the banking sector.”

Plans for the new trade association will now be taken forward by the interim main board of the new trade association.

The merger was first suggested in an independent review last summer after pressure from nine major UK retail banks and a building society: Barclays, Clydesdale Bank & Yorkshire, Bank, Co-operative Bank, HSBC, Lloyds Banking Group, Nationwide, RBS, Santander, TSB and Virgin Money.

At the time the lenders said they wanted to review the current trade body setup because they wished to cut costs and avoid duplication of work.

The Building Societies Association and the Intermediary Mortgage Lenders Association have ruled themselves out of the merger.