Coventry Building Society is to acquire Cooperative Bank in a deal worth £780m. The Coop is currently owned by private equity investors having split from the wider Cooperative Group in 2017. The deal means that the Co-op Bank will again become a mutual.

The Coop has around 2.5 million customers and a branch network of 50 outlets. The Coventry has 2 million customers and 64 branches.

The acquisition is expected to complete in the first quarter of 2025. The Coventry and the Co-op will continue to operate as separate businesses for some time after completion.

Steve Hughes, Coventry Building Society CEO, said: “The board and I believe that this will create a stronger Coventry Building Society that will benefit current and future members by helping sustain the value and service you expect from us.”

He said the building society would benefit from a larger network and a broader set of products and services, like current accounts.

Nick Slape, CEO, Cooperative Bank, added: “Both businesses share a powerful mutual/ co-operative heritage which is increasingly relevant in modern society and crucially, a strong reason why you provide the bank with your custom.

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I am very proud of the Bank’s success and achievements over the last few years. We are now stable, profitable and resilient. Coventry Building Society and The Co-operative Bank will continue to operate under their current names and branding while we carry out the work needed to provide a joined-up service. This is expected to take several years and in this time the Bank’s commitment to co-operative values and ethics and its customer-led Ethical Policy will remain.”