Sunday, June 23, 2024

The Co-operative Bank and Coventry Building Society Close Deal

Following on from the agreement of non-binding heads of terms in April, The Co-operative Bank 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 customers bank products or services and no changes to FSCS deposit protections. The Co-operative Bank will inform those 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.” Nick Slape, Chief Executive Officer of The Co-operative Bank.

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

The Co-operative Bank will keep their website up to date with the latest news and their teams are as committed as ever to delivering great service to their customers.

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