Coventry Building Society has completed the acquisition of The Co-operative Bank in a £780m deal.
As of 1 January, the bank is now a wholly owned subsidiary of Coventry Building Society.
Each organisation will retain its respective banking licences so that customers of both The Co-operative Bank and Coventry Building Society will continue to have the same protection from the Financial Services Compensation Scheme (FSCS).
The combined group will be headed by Stephen Hughes as chief executive and Lee Raybould as CFO, while David Thorburn will be chair.
Nick Slape will retire from his role as chief executive of The Co-operative Bank and there will be a handover period in the coming weeks. Until a permanent appointment is announced, Hughes will be interim chief executive of the bank alongside his group role.
The deal was given regulatory approval in November, and ahead of this, The Co-operative Bank agreed to return £90m to its shareholders.
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There will be no immediate changes to each of the lender’s services and products, but the two will be integrated over time.
In a message issued to members, Hughes said: “On 1 January 2025, we 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.”
He added: “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.
“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.
“I firmly believe we’re all, together, even better.”
