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.
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.
There are no immediate changes as a result of this announcement and we look forward to continuing our work together throughout 2025.
Frequently Asked Questions
Will Co-op become a mutual?
At completion, The Co-operative Bank will become a subsidiary of the Society and return to mutual ownership. Over time the intention is for customers to become members of the Society.
Will you still be my Business Development Manager?
Coventry Building Society and The Co-operative Bank will continue to operate under their current names and branding with separate banking licences while Coventry Building Society carry out the work needed to provide a joined-up service which may take up to several years. In the short term no changes are expected in terms of your day to day contact and you can expect business as usual.
Will the Bank change its lending policies to be the same as Coventry Building Society?
Coventry Building Society and The Co-operative Bank will continue to operate under their current names and branding with separate banking licences while Coventry Building Society carry out the work needed to provide a joined-up service which may take up to several years. In the short term no changes are expected in terms of lending criteria.
Will you move to the mortgage system Coventry Building Society use for keying applications?
Coventry Building Society will seek to integrate The Co-operative Bank gradually over several years, prioritising good customer outcomes following the completion of detailed planning and engagement with relevant stakeholders. During this integration period The Co-operative Bank and Coventry Building Society will continue to operate with separate systems
Will customers remain Bank customers after 1 January 2025?
To begin with The Co-operative Bank and Coventry Building Society will retain their separate banking licences, and operate independently. We expect this to be the case for several years.
Will brokers be able to product transfer customers onto either lender products at the end of their term?
To begin with The Co-operative Bank and Coventry Building Society will retain their separate banking licences, and operate independently. We expect this to be the case for several years.
Will products and pricing be aligned?
Coventry Building Society and The Co-operative Bank each have a long history and a distinct way of doing business, based on different products, different ways of working and different operations. We need to complete a lot of ‘behind the scenes’ work before we can provide one joined up service in the future.
Will our corporate partners have to deal with two separate lenders?
To begin with The Co-operative Bank and Coventry Building Society will retain their separate banking licences, and operate independently. We expect this to be the case for several years.