Coventry Building Society completes £780m deal to acquire Co-operative Bank

VaselineMay 25, 2024

0 4 minutes read

Coventry Building Society completes £780m deal to acquire Co-operative Bank

Coventry Building Society is to acquire the Co-operative Bank in a deal worth £780m. The Coop is currently owned by private equity investors who split from the wider co-op group in 2017. The deal means the Co-op Bank will once again become a mutual.

Coop has approximately 2.5 million customers and a branch network of 50 sales points. Coventry has 2 million customers and 64 branches.

The acquisition is expected to complete in the first quarter of 2025. Coventry and the Co-op will continue to operate as separate businesses for some time after completion.

Steve Hughes, CEO of Coventry Building Society, said: “The council and I believe this will create a stronger Coventry Building Society, which will benefit current and future members, helping to support the value and service you expect from we.”

He said the building society would benefit from a larger network and a wider set of products and services such as current accounts.

Nick Slape, CEO, Co-operative Bank, added: “Both businesses share a strong mutual/co-operative heritage which is increasingly relevant in modern society and, crucially, a strong reason to lend your personality to the bank.

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I am very proud of the Bank’s success and achievements in recent years. We are now stable, profitable and resilient. Coventry Building Society and The Co-operative Bank will continue to operate under their current name and branding while we carry out the necessary work to provide a unified service. This is expected to last for several years, during which time the Bank’s commitment to its cooperative values and ethics and its customer-led ethics policy will remain.”

VaselineMay 25, 2024

0 4 minutes read

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