Coventry Building Society completes acquisition of The Co-operative Bank

Coventry Building Society has confirmed it has completed the acquisition of The Co-operative Bank with the top-10 UK lender now boasting assets of around £89bn.

It brings The Co-operative Bank back into mutual ownership and the combined organisation now has approximately four and a half million members and customers across the country.

In a message sent to customers and members of both organisations, Group Chief Executive, Steve Hughes said: “We’re excited about what this 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. We’re still going to operate as The Co-operative Bank and Coventry Building Society for the time being. This means there will be no change to the way you use our services right now. And if you have accounts with both 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.”

This announcement builds on the legacy of The Co-operative Bank’s unwavering commitment to the UK’s co-operative movement. Through its pioneering partnership with Co-operatives UK, The Co-operative Bank has delivered the Business Support for Co-ops programme since 2016, investing over £3.2 million to empower co-operatives nationwide. 

The programme has provided direct support to 500 co-operative groups, inspired 10 million campaign impressions, and supported 700 new co-operatives through the online incorporation tool, among other impactful initiatives.

Rose Marley, CEO of Co-operatives UK, praised The Co-operative Bank’s dedication. She said: “The Bank’s investment into the Business Support for Co-ops programme is more than funding – it’s a testament to their belief in the power of co-operatives to build stronger, fairer communities.”

Find out about banking services for co-operatives offered by The Co-operative Bank.