COVENTRY Building Society (CBS) have agreed terms with The Co-operative Bank which would making it the UK’s seventh largest lender with assets if £89billion.
The deal signals a return to mutual ownership for the bank and is 3million customers.
CBS have reached an agreement on the terms with the owners of the bank – to buy the bank subject to agreeing the contact of gaining approval from the financial service regulators.
If the deal goes ahead, the 152 year-old bank would be back under mutual ownership and Co-op bank customers would become members of the society.
Coventry’s board will answer member questions at the Society’s AGM on April, 25 – eligible members can attend in person or online.
Steve Hughes, Chief Executive of the Society, said: “The Co-operative Bank is a financially stable, profitable organisation with a shared heritage and products and services that complement our own.
“We maybe three times bigger, but its customers, colleagues, branches, mortgages and savings balances, and the additional products and services it provides, will make us stronger and able to keep offering the value and service that matter to you.
“We’re confident that we have the people, capability, and the financial strength to achieve this.”
