Press release

The Co-operative Bank: Statement on use of the word co-operative for trading purposes

Co-operatives UK is the national association for co-operative and mutual enterprise, recognised by the International Co-operative Alliance as guardian of co-operative values and identity in line with international principles.

Co-operatives UK Secretary General, Ed Mayo, said: "We welcome the new capital agreement for The Co-operative Bank and can confirm that the Bank continues to operate under its existing name, with a commitment to co-operative values, with our assent.

"The use of the term co-operative where the business is not member-owned is governed by formal criteria set in 2015, after consultation, and is subject to a compliance agreement which we monitor on a periodic basis.

"As the new ownership and capital structure for the bank takes shape in practice, we will continue to monitor and review our approval for the use of the name in line with the framework that we use for co-operative identity.

"The presence on the high street of a bank with a strong commitment to co-operative values is something that offers genuine choice and benefit to UK consumers."