The Co-operative Bank is now a subsidiary of Coventry Building Society. Credit: Electric Egg/Shutterstock.

Coventry Building Society has concluded its acquisition of The Co-operative Bank, with the combined entity holding approximately £89bn ($110.29bn) in assets.  

This merger integrates Coventry’s business with Co-op Bank’s 2.5 million retail and nearly 100,000 small and medium sized business customers, as well as 50 branches across the UK.  

With a team of 3,000 people, Coventry Building Society caters to some two million customers across the UK. 

The £780m takeover was announced in May 2024.  

In November, the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) approved the deal.  

The Co-operative Bank is now a subsidiary of Coventry Building Society, with the deal marking a return to mutual ownership for the 152-year-old bank. 

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This merger is anticipated to offer enhanced benefits through increased customer numbers and expanded mortgage and savings balances.  

Leadership of the new entity will include David Thorburn as chairman, Steve Hughes as group CEO, and Lee Raybould as CFO.  

Nick Slape will retire from his position as CEO of The Co-operative Bank, with a handover period planned to ensure a smooth transition. 

Hughes will serve as the interim CEO of The Co-operative Bank alongside his group role until a permanent appointment is made. 

Hughes said: “We are 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 will use our combined experience of almost 300 years to do more of the things that matter to you.” 

“We are 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.”