Co-operative Bank and Coventry Building Society ended

Following the agreement of non-binding terms in April, The Co-operative Bank today announced that Coventry Building Society and six of the principal owners of The Co-operative Bank Holdings have signed a share purchase agreement under which the company will acquire the entire capital issued by the Bank. The acquisition is subject to the fulfillment of certain conditions and the approval of both the PRA and the FCA.

The acquisition is expected to close in the first quarter of 2025 and the Bank will continue to operate as a separate business for some time after completion. There is no impact on customer banking products or services and no change to FSCS deposit protection. The Cooperative Bank will inform them if anything changes.

“This is an exciting time and our combined businesses will deliver broader products, value and services and we look forward to being a strong combined business. Both businesses share a strong mutual/cooperative heritage which is increasingly relevant in modern society and crucially a strong reason why you give the Bank your custom. I am very proud of the Bank’s success and achievements over the past few years – we are now stable, profitable and resilient. I sincerely thank you, our loyal customers, for your support, without which this would not be possible.” Nick Slape, chief executive of The Co-operative Bank.

Unfortunately, fraudsters often take advantage of periods of change to try to get people to share personal or financial information. The Co-operative Bank will never ask for security details over the phone or email, so if someone does – please do not share this information with them.

The Co-operative Bank will keep their website updated with the latest news and their teams are as committed as ever to providing excellent service to their customers.