Coventry is reportedly completing its £780m takeover of Co-op Bank

Coventry Building Society is in the final stages of negotiating a £780m takeover of the company Cooperative Bankemerged on Wednesday with the aim of completing the deal within days to avoid complications under the UK Takeover Code.

Conformable Sky Newsboth financial institutions wanted to complete the transaction promptly to avoid the additional financial and regulatory complexities associated with the Takeover Code.

The remaining issues, including certain balance sheet provisions, were expected to be resolved shortly.

Negotiations have been underway for months, with the sides signing non-binding terms in April.

If successful, the acquisition would effectively re-mutualize the Co-operative Bank more than a decade after it nearly collapsed and was bailed out by US hedge funds.

The merger would create a major player in the UK banking sector, with the combined entity serving millions of customers and managing almost £90bn of assets.

heaven Coventry Building Society, Britain’s third-largest building society, said it would not seek a member vote on the acquisition, reflecting Nationwide’s approach to its takeover proposal. Virgin money.

It added that the new entity will be comparable in size to Virgin Money, with around five million customers nationally, and will significantly increase Coventry’s presence in the personal current account and business banking markets.

The deal was reportedly advised by PJT Partners and Fenchurch Advisory Partners for the Co-operative Bank, while JPMorgan and KPMG advised Coventry Building Society.

Reporting by Josh White for Sharecast.com.