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Co-operative Bank and Coventry Building Society close deal
Following the agreement on non-binding terms in April, The Cooperative Bank they announced it today Coventry Building Society and six of the principal owners of The Co-operative Bank Holdings have signed a share purchase agreement under which the Company will acquire the entire issued share capital of the Bank. The acquisition is subject to the satisfaction of certain conditions and the approval of both the PRA and the FCA.
The acquisition is expected to be completed in the first quarter of 2025 and the Bank will continue to operate as a separate business for some time following completion. There is no impact on customer banking products or services and no changes to FSCS deposit protections. The Cooperative Bank will inform them if anything changes.
“This is an exciting time and our combined businesses will deliver broader products, value and services and we look forward to becoming a strong combined company. Both companies share a powerful mutual/cooperative heritage that is increasingly relevant in modern society and, above all, a strong reason to provide the Bank with its customers. I am very proud of the success and achievements of the Bank in recent years: we are now stable, profitable and resilient. I sincerely thank you, our loyal customers, for your support, without which none of this would be possible.” Nick Slape, chief executive of The Co-operative Bank.
Unfortunately, scammers often take advantage of times of change to try to convince people to share personal or financial information. The Cooperative Bank will never ask for security details, over the phone or via email, so if anyone does, please do not share this information with them.
The Co-operative Bank will keep its website updated with the latest news and its teams are busier than ever to provide a great service to its customers.