Coventry Building Society has officially completed its acquisition of The Co-operative Bank, creating a top-ten UK lender with assets of approximately £89bn and a combined membership and customer base of around 4.5 million.
The Co-operative Bank will now operate as a subsidiary of Coventry Building Society, returning the 152-year-old bank to mutual ownership. In a joint message to customers and members, Group Chief Executive Steve Hughes expressed enthusiasm for the future of the combined organisations.
Hughes said: “We’re excited about what this means for our future. Bringing together our two values-driven organisations will result in a mutually owned business that’s deeply passionate about its members, customers and communities.
“We’ll use our combined experience of almost 300 years to do more of the things that matter to you.
“We’re still going to operate as The Co-operative Bank and Coventry Building Society for the time being. This means there will be no change to the way you use our services right now. And if you have accounts with both Coventry Building Society and The Co-operative Bank, you’ll continue to benefit from the maximum protection offered by the Financial Services Compensation Scheme through each organisation.”
The leadership of the combined group was confirmed on 28th November 2024. David Thorburn has been appointed as chairman, with Steve Hughes serving as chief executive officer and Lee Raybould as chief financial officer.
Nick Slape, outgoing chief executive officer of The Co-operative Bank, will retire following a handover period in the coming weeks. Hughes will act as Interim chief executive of The Co-operative Bank alongside his Group role until a permanent successor is appointed.
Additionally, Bob Dench has retired as chairman of The Co-operative Bank effective 1st January 2025, with Jo Kenrick stepping into the role. Kenrick, who currently serves as deputy chair of Coventry Building Society’s Board, assumed the position of chair of The Co-operative Bank Board on the same date.
