Co-op bank for sale

The_pc_tech

Co-op Group plunges to 2016 loss as bank stake is written off

http://news.sky.com/story/co-op-group-plunges-to-2016-loss-as-bank-stake-is-written-off-10820360

Stuart_W

It's looking like Virgin might actually bid for the whole bank.

http://www.thisismoney.co.uk/money/news/article-4371334/Virgin-Money-set-bid-ailing-op-Bank.html

teddysmum

In the past, when there were takeovers, customers got a bonus from the receiving company. I wonder if there will be a loyalty payment this time, but it would be difficult if a customer was migrated to a bank with which they already have an account.

JuicyJesus

teddysmum wrote: »

In the past, when there were takeovers, customers got a bonus from the receiving company. I wonder if there will be a loyalty payment this time, but it would be difficult if a customer was migrated to a bank with which they already have an account.

Why would they? When was the last time this happened? Certainly not with the most recent takeovers (HBOS to LBG, Alliance and Leicester to Santander, NatWest to RBS).

PeacefulWaters

teddysmum wrote: »

In the past, when there were takeovers, customers got a bonus from the receiving company. I wonder if there will be a loyalty payment this time, but it would be difficult if a customer was migrated to a bank with which they already have an account.

Bonuses paid for out of excess capital. As Co-op is short of capital I'd hazard a wild guess at no chance.

Not to mention that Co-op Bank customers don't have membership rights and the bank has Plc status.

antrobus

Stuart_W wrote: »

It's looking like Virgin might actually bid for the whole bank.

http://www.thisismoney.co.uk/money/news/article-4371334/Virgin-Money-set-bid-ailing-op-Bank.html

Virgin actually did make a bid for the whole of Northern Rock back in 2007. I think they were even the 'preferred bidder' for a short while. The Northern Rock still got nationalised a few months later.:)


P.S. Of course, Virgin Money simply waited until 2011 and then bought a slightly different version of Northern Rock.

JuicyJesus wrote: »

Why would they? When was the last time this happened? Certainly not with the most recent takeovers (HBOS to LBG, Alliance and Leicester to Santander, NatWest to RBS).

I suspect the poster concerned is thinking of the windfalls that once emerged from building society conversions.

realaledrinker

There is no way any retail bank will want to acquire the bank in its totality, rather they are after acquiring the savings, current accounts, 'good' customer loans, credit cards and mortgages, or parts thereof.

gt94sss2

teddysmum wrote: »

In the past, when there were takeovers, customers got a bonus from the receiving company. I wonder if there will be a loyalty payment this time, but it would be difficult if a customer was migrated to a bank with which they already have an account.

Customers of some building societies got bonuses or shares from the receiving company as they were the owners (i.e. they held 'share accounts')

Customers of the Co-op are not its shareholders and its a bank anyway not a building society

john2054

I'm thinking about starting a current account with Barclays. I have recently opened a £1700 cc with them, so am confident i will be accepted, for the current account....

Melissa332

I have banked with Co-op since I went through a bankruptcy in 2011