Co-op bank for sale

Stuart_W

Chapuys wrote: »

I have finally started to close down my main bank account with Smile and switch.

I reckon it is worth hanging on in there for another few weeks to see what happens. Co-op/smile customers have been remarkably loyal so far. If a "change" is forced upon them, there may well be some incentives offered to avoid many walking and going elsewhere.

It may be a choice between choosing who switch to and being told who is going to take over the account, many may prefer to choose, or any sense of "loyalty" towards the Co-op is lost once it isn't the Co-op. The new owners, whether that is of the whole bank or certain assets, will need to give customers a reason to stay put.

Thrugelmir

SPalin wrote: »

It wasn't a central bank resolution and the funds weren't just for HBOS as LTSB needed some liquidity too x

HBOS and RBS were both 48 hours from going under on that fateful October 2008 weekend.

Zanderman

Stuart_W wrote: »

I reckon it is worth hanging on in there for another few weeks to see what happens. Co-op/smile customers have been remarkably loyal so far. If a "change" is forced upon them, there may well be some incentives offered to avoid many walking and going elsewhere.

It may be a choice between choosing who switch to and being told who is going to take over the account, many may prefer to choose, or any sense of "loyalty" towards the Co-op is lost once it isn't the Co-op. The new owners, whether that is of the whole bank or certain assets, will need to give customers a reason to stay put.

Entirely agree. I see no reason to switch away at present, there's no real threat to the accounts we have with Smile or Coop, they're working well, doing what they're supposed to do, and I get the monthly reward from Coop. Why move?

If a move becomes necessary we'll have some notice (almost certainly) and perhaps some incentive to not move entirely away from whoever is taking on the accounts.

No worrying here. Just watching and waiting to see what happens!

bigadaj

Thrugelmir wrote: »

HBOS and RBS were both 48 hours from going under on that fateful October 2008 weekend.

Just think how much better off rUK would have been with an independent Scotland in 2008.....

scott_lithgows

bigadaj wrote: »

Just think how much better off rUK would have been with an independent Scotland in 2008.....

Or being part of Australia where their sensible government made it impossible for banks to act like Cowboys unlike Westminster.

Thrugelmir

bigadaj wrote: »

Just think how much better off rUK would have been with an independent Scotland in 2008.....

Unfortunately the Scottish operation of RBS represented a fraction of it's global balance sheet.

System

Probably not much, as rUK would have bailed out its residents, and Scotland it's residents, like many other cross border banks x

realaledrinker

One interesting aspect not mentioned here is the fact that Co-op is a significant player in the clearing system. They clear for HM Govt, many local authorities and a number of banks and building societies like Virgin and MBNA. Whoever takes over that role will need several billion extra capital on the balance sheet to cover the overnight clearing liabilities.

ArielS

Does anybody know what's going to happen to coop bonds? Will they carry on as liabilities if there's a buyer and vanish if coop liquidates?

ChrissyH

I just dont know what to do for the best.
I have accounts and an ISA with the Coop
Can anyone advise wether is should stay with them or leave