Coventry BS to buy Co-operative Bank

[planteria]

further consolidation in the sector..

[Richard Frost]

It will also potentially remove the coop bank from private ownership and take it back into the mutual sector.

[planteria]

https://news.sky.com/story/jp-morgan-se ... s-13088358

[planteria]

https://www.coventrybuildingsociety.co. ... pdate.html

i reckon the best thing for the combined business would be to merge into the Co-operative branding.

[planteria]

“The Co-operative Bank and Coventry Building Society

Following on from the announcement in May that Coventry Building Society and six of The Co-operative Bank Holdings’ major owners had signed a share purchase agreement under which Coventry Building Society will acquire the entire issued share capital of the Bank, we have today announced that Regulatory approval has been granted.

The acquisition is expected to complete on 1 January 2025, and the Bank will continue to operate as a separate business for some time after completion. There is no impact to your bank products or services and no changes to Financial Services Compensation Scheme (FSCS) deposit protections. We will keep you informed if anything changes.

We are pleased to achieve this significant milestone in bringing together both businesses which share a powerful mutual / co-operative heritage. The combined business will provide improved products, value and service for existing and new customers.”

it will be interesting to see how they move the business forwards.

[planteria]

"We’ve officially completed our purchase of The Co-operative Bank.

I’m excited about what this means for us as a Society. Bringing our two values-driven organisations together will result in a mutually owned business that’s deeply passionate about its members, customers and communities.

As we bring together our 2 million Society members and customers with 2.5 million Co-operative Bank customers, we’ll use our combined experience of almost 300 years to do more of the things that matter to you. We’ll continue to offer great levels of service, invest to provide greater support for our members, while continuing to keep your money safe and secure.

But for now, it’s business as usual. As we start to bring our organisations together, we’ll keep you updated with everything you need to know.

We’re still going to operate as Coventry Building Society and The Co‑operative Bank 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.

We’d like you to be part of our celebrations. So, we’re hosting a prize draw for members and customers of the Society to mark the occasion, with prizes ranging from £1,000 to £25,000. The Co-operative Bank are running a similar promotion for their customers. Please visit our website for full terms and conditions."

https://www.coventrybuildingsociety.co. ... inkFAQpage

[pabenny]

Slightly off topic -

Coventry have a 'loyalty' regular saver paying 6% (variable) for £250/month. Open to those who were members before 2024; can run alongside another regular saver.

[planteria]

a good deal pab. better to invest rather than save this year though i reckon.