Mike Perry, chief executive of PG Mutual, said: “Pharmaceutical & General is a Friendly Society established in 1928 for the benefit of its members.
“At a time when the word “trust” is not always associated with financial institutions, we feel it is right to promote that our mutuality makes us different and, we believe, better.
“Our new name PG Mutual reflects the fact that we are owned by our members and exist solely to serve their needs.”
