12 September 2008
Co-operative Financial Services saw an increase in the number of customers signing up to its current accounts and savings accounts in the first half of this year. Reporting a 93% increase in pre-tax profits compared to the first six months of 2007, the group said sales of current accounts had risen by 50%, the Times reports. Chief Executive David Anderson put the increase down to trust in the Co-operative brand, insisting consumers are looking for stability in the current economic climate. "People were thinking that they'd prefer to go to a traditional brand in the circumstances," he told the Times. Profits at the Co-operative Bank rose to £46.2 million in the six months to July 26th, up from £45.5 million in the same period last year. Meanwhile, banks are making moves to reunite customers with cash left in dormant current accounts and saving accounts. Halifax and HSBC are both launching campaigns to help savers get their money back.
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