Coventry Building Society has formally completed the acquisition of The Co-operative Bank. The top-ten UK lender will now have assets of around £89bn and around four and a half million members and customers across the country.
The Co-operative Bank has become a subsidiary of Coventry Building Society, and the combination of the two organisations will see the 152-year-old Bank brought back under mutual ownership.
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.”
As confirmed on 28 November 2024, the combined group will be led by David Thorburn as Chairman, Steve Hughes as Chief Executive Officer and Lee Raybould as Chief Financial Officer.
Co-operative Bank chief executive Nick Slape
Nick Slape will retire from his role as Chief Executive Officer of The Co-operative Bank and there will be a handover period in the coming weeks to ensure a smooth transition. Until a permanent appointment is announced, Steve Hughes will be Interim Chief Executive of the Bank alongside his Group role.
In addition, Bob Dench has retired from his role as Chairman of The Co-operative Bank effective from 1 January 2025. Jo Kenrick has taken on the role of Chair of The Co-operative Bank Board effective from 1 January 2025. Jo is currently Deputy Chair of Coventry Building Society’s Board.