Commenting on the announcement today (13 February) by the Co-operative Bank to put itself up for sale, Ed Mayo, Secretary General of Co-operatives UK, said:
"The Co-operative Bank has been a pioneering organisation, acting with ethics and integrity in a fiercely competitive and highly regulated industry.
“The Bank’s decision to put itself up for sale is a carefully considered decision to deliver the next phase of its turnaround plan. As the Bank has announced, this decision sits alongside other options being considered to build its capital position. These processes will, inevitably, take time and the Bank has made clear that it will continue to focus on providing a high quality service to its customers - including many co-operative businesses.
"Its ethical standpoint differentiates the Bank from its competitors and we will support it through the sale process.
“We do not, of course, know what the buyer of the Co-operative Bank will look like, but hope the Bank will be able to find a buyer that retains its co-operative ethical values. As the guardian of the co-operative values and principles in the UK, Co-operatives UK will be closely monitoring any impact of the sale on the reputation of the co-operative sector."
As a member-owned organisation, members of Co-operatives UK are welcome to contact us on [email protected] to discuss their views on this.