FORMER building society Bristol & West is to be remutualised after a £150 million takeover by Britannia BS.

Bristol & West's 850,000 customers will gain ownership rights but it will mean the closure of a branch in Bournemouth.

Bristol & West branches in Poole, Sherborne and Dorchester will remain open as Britannia branches.

Britain's second biggest building society Britannia will acquire Bristol & West's £4.5 billion savings book plus 97 branches from owner Bank of Ireland.

It will take Britannia's customer base to three million, assets to £30 billion and branch network to more than 250.

"Bristol & West's customers will become members and co-owners of Britannia," said a spokesman.

"They will be transferred into Britannia accounts - most will be better off as a result and Britannia has pledged that none will be worse off."

Where there are both Britannia and Bristol & West branches in the same shopping area - such as Bournemouth - Britannia will merge them. It will keep open any branches more than one mile apart.

Every Bristol & West employee will be offered a new role and there will be no compulsory redundancies.

Britannia group chief executive Neville Richardson said: "Bristol & West's customers will once again enjoy all the benefits of owning their savings provider including a commitment to keeping an extensive branch network, competitive rates, an annual share of profits and a one-member, one-vote constitution."

Completion is expected to take place in the autumn.