The Co-operative Bank and Coventry Building Society

24 May 2024

3 min read

Chief Executive Officer - Nick Slape

An update from our Chief Executive Officer, Nick Slape

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

The acquisition is expected to complete 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 to your bank products or services and no changes to FSCS deposit protections. We will keep you informed if anything changes.

This is an exciting time and our combined businesses will provide wider products, value and service and we look forward to being a strong combined business. Both businesses share a powerful mutual/ co-operative heritage which is increasingly relevant in modern society and crucially, a strong reason why you provide the Bank with your custom.

I am very proud of the Bank’s success and achievements over the last 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.

Unfortunately, fraudsters often take advantage of times of change to try and persuade people to share personal or financial information. We’ll never ask you for security details, over the phone or by email, so if someone does – please don’t share this information with them.

We’ll keep our website up to date with the latest news and our teams are as committed as ever to delivering great service to you.

Frequently Asked Questions

Who are Coventry Building Society?

CBS provides savings and residential mortgage products to individual savers and borrowers across the UK. They are committed to mutuality, and believe in putting the interests of their members first.

When will the acquisition be completed?

The acquisition is expected to complete in the first quarter of 2025.

What will be the impact on the product I hold with you?

Nothing changes as a result of this announcement. All products and services remain the same as we continue our commitment to deliver good outcomes for our customers.

You can continue to access our services – branches, telephony, online banking and our mobile app – as normal.

I am a customer of both The Co-operative Bank and Coventry Building Society, will this mean I lose part of my FSCS cover?

To begin with The Co-operative Bank and Coventry Building Society will retain their separate banking licences, and you will have Financial Services Compensation Scheme (FSCS) protection as a customer of each organisation as you do now. We expect this to be the case for several years.

Find out more information about the Financial Services Compensation Scheme

How will you be keeping me updated?

We’ll endeavour to keep you updated throughout this process as and when information is available through our website and customer communications.

What will happen to the Bank’s customer-led Ethical Policy?

Coventry Building Society and The Co-operative Bank will continue to operate under their current names and branding while we carry out the work needed to provide a joined-up service. This is expected to take several years and in this time the Bank’s commitment to co-operative values and ethics and its customer-led Ethical Policy will remain.

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