Transforming banking and building trust: Coventry Building Society and The Co-operative Bank

In 2025 Coventry Building Society acquired The Co-operative Bank, a landmark move bringing together two organisations united by mutual and co-operative values.

The strategic transaction reflects an important alignment to the UN Sustainable Development Goals, while strengthening the role of mutual finance in building a fairer, more resilient economy.

At its heart, the acquisition was always about purpose: delivering long-term value for its 4.5 million members and customers, its communities and employees. The mutual model prioritises investment in service over profit, enabling decisions that reflect long-term needs, not short-term shareholder returns. The results are clear – mutuals consistently show higher trust, better customer satisfaction, and stronger resilience in tough times.

So far, Coventry Building Society has taken significant steps to invest in the Bank’s customer service, digital channels and branches, all while reinvesting profits into creating social good. The Co-operative Bank’s service levels are at their best in over six years and earlier this year, the Group announced a £2 million commitment to help end youth homelessness in their respective home towns of Coventry and Manchester.

In this UN Year of Co-operatives, it is a timely reminder that co-operative and mutual models continue to offer a powerful and sustainable alternative in modern finance.

Andrea Melville, CEO of The Co-operative Bank and Group CCO of Coventry Building Society, said: “Since joining the business, I’ve been delighted to see how motivated our colleagues are, across both organisations, to transform the Group into something bigger and better for our members and customers.

"One of the strengths as a combined organisation is the values we share and our ambition to make a positive impact on the communities we serve, the environment and wider society. We’re only just getting started and I’m excited for what’s to come.”

Steve Hughes, Group CEO of Coventry Building Society, also said: “We believe mutuals can offer a better answer – long term, sustainable decision making and not short term profit. Because when people play an active part in the institutions that serve them, the outcomes are better – and fairer."