Coventry Building Society has completed its £780million takeover of The Co-operative Bank, returning it to mutual ownership after more than a decade.
The combined group will have £89billion in assets, 4.5m members and around 94,000 small business customers.
Coventry says that as it will take ‘several years’ to offer a joined-up service, Co-op Bank will operate separately for now.
Co-op Bank has 50 branches and will expand Coventry’s footprint outside the Midlands and south of England, into areas such as London and the North. Coventry has 64 branches.
‘We’ll use our combined experience of almost 300 years to do more of the things that matter,’ said Coventry chief executive Steve Hughes.
Co-op Bank chief executive Nick Slape is to leave. Hughes will run the bank and building society until a replacement is found. The bank’s chairman Bob Dench left this week.
Mutual ownership: Coventry Building Society has completed its £780m takeover of The Co-operative Bank
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