Coventry BS to buy Co-operative Bank

[planteria]

further consolidation in the sector..

[Richard Frost]

It will also potentially remove the coop bank from private ownership and take it back into the mutual sector.

[planteria]

https://news.sky.com/story/jp-morgan-se ... s-13088358

[planteria]

https://www.coventrybuildingsociety.co. ... pdate.html

i reckon the best thing for the combined business would be to merge into the Co-operative branding.

[planteria]

“The Co-operative Bank and Coventry Building Society

Following on from the announcement in May that Coventry Building Society and six of The Co-operative Bank Holdings’ major owners had signed a share purchase agreement under which Coventry Building Society will acquire the entire issued share capital of the Bank, we have today announced that Regulatory approval has been granted.

The acquisition is expected to complete on 1 January 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 Financial Services Compensation Scheme (FSCS) deposit protections. We will keep you informed if anything changes.

We are pleased to achieve this significant milestone in bringing together both businesses which share a powerful mutual / co-operative heritage. The combined business will provide improved products, value and service for existing and new customers.”

it will be interesting to see how they move the business forwards.