Co-op bank for sale

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  • EarthBoy
    EarthBoy Posts: 3,049 Forumite
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    Stuart_W wrote: »
    One reason why I thought there is a vague outside chance that the smile brand may be retained is simply because the new owners would at least be able to use that name, if they wished.

    Why would they want to? Hardly anybody has heard of Smile, apart from Smile's own customers, so the brand doesn't have any worth and no advertising potential. Even Co-op Bank don't think Smile is worth much, so I can't see a buyer wanting to keep it.
  • JuicyJesus
    JuicyJesus Posts: 3,830 Forumite
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    EarthBoy wrote: »
    Why would they want to? Hardly anybody has heard of Smile, apart from Smile's own customers, so the brand doesn't have any worth and no advertising potential. Even Co-op Bank don't think Smile is worth much, so I can't see a buyer wanting to keep it.



    Completely agreed. Not to mention Smile has about three customers. The Co-op may have a bit of a dented reputation but it at least has a reputation and a relatively big customer base. If Co-op gets bought Smile's getting ditched, guaranteed. Might have been worth something back before every other bank had Internet banking but these days it's nothing but a shonky First Direct clone with no real USP or a customer segment worth keeping (unlike FD self-selecting a more upmarket customer base).


    Honestly I'd be surprised if the Co-op brand itself was kept. Its current "the co-operative" Helvetica Neue branding is already at odds with the rest of the Co-operative Group's resurrected cloverleaf stuff and I doubt the Group would be all that happy about an independent bank using their goodwill indefinitely. Add to that that it's the bank that in the public's mind almost did a Northern Rock in recent memory under the stewardship of a crack-smoking Methodist minister and I'm not sure how much value it has.
    urs sinserly,
    ~~joosy jeezus~~
  • System
    System Posts: 178,104 Community Admin
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    Cooperative isn't just a name, it's a type of business.
    If the Coop group sells it's share then the name will have to go.

    The most likely end is the business is bolted onto another bank (or banks) and the brand is phased out.
  • Robisere
    Robisere Posts: 3,237 Forumite
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    Heng_Leng wrote: »
    Why would Banco Sabadell want another UK banking licence?

    4million more UK customers? -

    I am not privy to any 'inside information' I'm just speculating, like everyone else here. Including you. For example, they might use the TSB brand to merge with the Co op. They would not need another licence. Although you probably have inside info, and will dismiss that.

    Oh well, I'm out of here, don't bother answering.
    I think this job really needs
    a much bigger hammer.
  • IanManc
    IanManc Posts: 2,115 Forumite
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    Heng_Leng wrote: »
    Cooperative isn't just a name, it's a type of business.
    If the Coop group sells it's share then the name will have to go.

    The most likely end is the business is bolted onto another bank (or banks) and the brand is phased out.

    According to the Co-operative News website the co-op now owns only 20% of the bank.

    http://www.thenews.coop/98447/news/co-operatives/co-op-bank-better-off-walking-away-ethical-brand/

    One wonders how low the proportion of ownership has to fall before "the name will have to go"?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Robisere wrote: »
    4million more UK customers? -

    and a branch network they have no need of.
  • System
    System Posts: 178,104 Community Admin
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    Robisere wrote: »
    4million more UK customers? -

    I am not privy to any 'inside information' I'm just speculating, like everyone else here. Including you. For example, they might use the TSB brand to merge with the Co op. They would not need another licence. Although you probably have inside info, and will dismiss that.

    Oh well, I'm out of here, don't bother answering.

    What would be the logic of Sabadell wanting a standalone bank when they already have TSB? They'd have to take on any nasties too.

    I'm sure they would want the customer base but it would be via TSB and not via Spain. As for the branches, I'm sure they could absorb them into the TSB network and combine any that overlap over time.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    Heng_Leng wrote: »
    Cooperative isn't just a name, it's a type of business.
    If the Coop group sells it's share then the name will have to go.

    The most likely end is the business is bolted onto another bank (or banks) and the brand is phased out.

    But the Co-operative Bank was never a Co-operative. "Co-operative Bank" is just a name and not indicative of the type of business. It gained the name because it was a business owned by Co-operative Group.
  • King_Of_Fools
    King_Of_Fools Posts: 1,594 Forumite
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    Hopes fade for Co-op Bank turnaround plan

    https://www.bbc.com/news/business-39356672

    The Bank of England has placed the Co-op Bank under "intensive supervision" as survival options for the ethically-based lender dwindle.
    The BBC understands contingency plans to ensure the "orderly failure" of the 150 year old bank are well advanced.
  • Anthorn
    Anthorn Posts: 4,362 Forumite
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    Hopes fade for Co-op Bank turnaround plan

    https://www.bbc.com/news/business-39356672

    The Bank of England has placed the Co-op Bank under "intensive supervision" as survival options for the ethically-based lender dwindle.
    The BBC understands contingency plans to ensure the "orderly failure" of the 150 year old bank are well advanced.

    Well, you know, we rescued banks way back in 2008 by printing billions of dollars and then those banks proceeded to use the free cash to pay themselves fat bonuses. But the good old Co-op gets no help at all and is left to fade into obscurity. Something wrong there somewhere.
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