Coventry Building Society completes purchase of Co-op Bank
Coventry Building Society has completed its acquisition of The Co-operative Bank.
The Bank is now a wholly owned subsidiary of the Society. Each entity will retain their respective banking licences, and so customers of each organisation and members of the Society will continue to have the same Financial Services Compensation Scheme protection as before the acquisition.
The combined group will be led by David Thorburn as Chairman, Stephen Hughes as Chief Executive Officer and Lee Raybould as Chief Financial Officer.
Plans for the acquisition were first revealed last April. At the time the Building Society said the deal would create a combined group with a pro forma balance sheet of £89 billion.
Coventry says it will allow the society to leverage its financial scale and a diversified funding base to offer strong member value and enhance investment.
It would also be able to broaden its channels and distribution capabilities across a larger national branch footprint, as well as introduce a business savings and current account proposition to its offering.
