Co-op Bank takeover
The Co-operative Bank and Coventry Building Society
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.
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.
We will be providing FAQs on our website shortly and we’ll keep updating this page.
Thank you again for your continued loyalty.
Nick Slape
CEO, The Co-operative Bank
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.
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.
We will be providing FAQs on our website shortly and we’ll keep updating this page.
Thank you again for your continued loyalty.
Nick Slape
CEO, The Co-operative Bank
