Coventry Building Society Completes Takeover of Co-operative Bank

January 2025 – The Coventry Building Society announces the completion of the £780m takeover process of the Co-operative Bank.  The takeover received the approval of the regulatory authorities.  Coventry members were allowed no say in the matter as is the custom with so-called mutual building societies.

Steve Hughes who now becomes Group Chief Executive said “I’m excited about what this means for us as a Society. Bringing our two values-driven organisations together will result in a mutually owned business that’s deeply passionate about its members, customers and communities.

As we bring together our 2 million Society members and customers with 2.5 million Co-operative Bank customers, we’ll use our combined experience of almost 300 years to do more of the things that matter to you. We’ll continue to offer great levels of service, invest to provide greater support for our members, while continuing to keep your money safe and secure.”

Benefits for members = zero.  Benefits for directors = more and more money.