Chelsea Building Society has rejected a takeover proposal from the internet service provider Totalise.
The UK's eighth largest building society has condemned the “blatant opportunism” that motivated the offer.
Chelsea has assets worth about £5bn, whereas Totalise, only eight months in existence, had a turnover of £61,000 and lost nearly £1m in is first half year.
Totalise chief executive Peter Gregory says the merger offers considerable opportunities to Chelsea members. He says the venture plans to set up an internet bank within four months and wants to have access to Chelsea's customer base.
Chelsea chief executive Michael Bage says “There is no point even having discussions with them.”