Coventry Building Society completes acquisition of The Co-operative Bank
2 January 2025
3 min read
Coventry Building Society has confirmed it has completed the acquisition of The Co-operative Bank. The top-ten UK lender will now have assets of around £89bn and around four and a half million members and customers across the country.
The Co-operative Bank has become a subsidiary of Coventry Building Society, and the combination of the two organisations will see the 152-year-old Bank brought back under mutual ownership.
In a message sent to customers and members of both organisations, Group Chief Executive, Steve Hughes said: “We’re excited about what this means for our future. Bringing together our two values-driven organisations will result in a mutually owned business that’s deeply passionate about its members, customers and communities.
“We’ll use our combined experience of almost 300 years to do more of the things that matter to you.
“We’re still going to operate as The Co-operative Bank and Coventry Building Society for the time being. This means there will be no change to the way you use our services right now. And if you have accounts with both Coventry Building Society and The Co-operative Bank, you’ll continue to benefit from the maximum protection offered by the Financial Services Compensation Scheme through each organisation.”
As confirmed on 28 November 2024, the combined group will be led by David Thorburn as Chairman, Steve Hughes as Chief Executive Officer and Lee Raybould as Chief Financial Officer. Nick Slape will retire from his role as Chief Executive Officer of The Co-operative Bank and there will be a handover period in the coming weeks to ensure a smooth transition. Until a permanent appointment is announced, Steve Hughes will be Interim Chief Executive of the Bank alongside his Group role.
In addition, Bob Dench has retired from his role as Chairman of The Co-operative Bank effective from 1 January 2025. Jo Kenrick has taken on the role of Chair of The Co-operative Bank Board effective from 1 January 2025. Jo is currently Deputy Chair of Coventry Building Society’s Board.
You can read more in the RNS below.
ENDS
Media Contacts
The Co-operative Bank Press Office
Tel: 0151 271 1985 Email: pressoffice@co-operativebank.co.uk
About The Co-operative Bank
The Co-operative Bank p.l.c. provides a full range of banking products and services to retail and SME (Small and Medium Sized Enterprises) customers and is committed to values and ethics in line with the principles of the co-operative movement.
In 1992, The Co-operative Bank took the pioneering step to become the first UK bank to launch a customer-led Ethical Policy, which gives the Bank’s customers a say on the ethical issues that are important to them, and how the Bank could help. These answers form the basis of our Ethical Policy, shaping the Bank’s ethical commitments, the way in which it will use customer’s money and the issues it will campaign for. Since 1992, the Ethical Policy remains unique in the UK and has been updated six times in consultation with the Bank’s customers, to reflect their changing priorities.
Contact
Head of Corporate Affairs, Brand and Investor Relations
Angela Catlin
Mobile: 07548 965042
Not found what you're looking for?
Contact our support team