Coventry BS completes acquisition of The Co-op Bank

Coventry Building Society has confirmed it has bought 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.

As a result, the Co-op 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.

Coventry Building Society chief executive, Steve Hughes, said: “We’re excited about what it 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.”

Hughes specified the businesses will still operate as The Co-operative Bank and Coventry Building Society for the time being, meaning there will be no change to the way that customers use their services right now.

“If you have accounts with 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,” he added.

The combined group will be led by David Thorburn, who will serve as chair, Steve Hughes, who will serve as chief executive officer, and Lee Raybould, who will serve as chief financial officer.

Nick Slape will retire from his role as chief executive officer of The Co-op 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, it was also announced that Bob Dench has retired from his role as chair of the Co-op Bank effective from the start of this year (January 1).

As a result, Jo Kenrick, who previously served as deputy chair of Coventry Building Society’s board, has taken over the role of chair of the Co-op bank.

tom.dunstan@ft.com

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