Coventry Building Society Acquires Co-operative Bank

Coventry Building Society has successfully completed its acquisition of The Co-operative Bank for £780 million, creating a combined entity with assets totaling approximately £89 billion and about 4.5 million members. The Co-operative Bank will continue to operate under its existing name as a subsidiary of Coventry Building Society, ensuring no immediate changes to services for customers. Group CEO Steve Hughes expressed excitement about the merger, emphasizing a commitment to serve their members and communities better through their shared values and nearly 300 years of collective experience. Leadership transitions are underway, with Nick Slape retiring as CEO of The Co-operative Bank, and Steve Hughes stepping in as interim CEO during the transition period. Jo Kenrick will succeed Bob Dench as chair of The Co-operative Bank Board. The merger aims to reinforce mutual ownership and enhance customer protection under the Financial Services Compensation Scheme.