COOP Bank to buy TSB?

Daliah

Sky News has it that the Co-operative Bank has indicated to Spain’s Banco Sabadell that it would be willing to pay more than £1bn to acquire control of TSB. Sabadell are said to be not terribly keen to sell [at that price].

https://news.sky.com/story/co-operative-bank-in-shock-merger-approach-to-rival-lender-tsb-12441945

[Deleted User]

"TSB Cooperative" or "Cooperative TSB"

So if TSB is sold the I.T system will have to be copied over again.

TheMightySwordfish

If only there was some me sort of digital way to run the Ledger that couldn't be refuted 🤔

ColdIron

It worked out so well for them last time. Remember the Reverend Paul Flowers?

Spain's Sabadell rejects offer from Co-op bank for its British unit TSB

https://www.reuters.com/article/tsb-sabadell-ma-coop-idUSL8N2RJ0AX

masonic

TheMightySwordfish said:

If only there was some me sort of digital way to run the Ledger that couldn't be refuted 🤔

The previous IT meltdown was not really connected with repudiation of transactions. It was related to authentication, connectivity and software glitches.

tacpot12

And the Co-op Bank's problem with their merger with Britannia Building Society was nothing to do with the Rev. Flowers. Rather it was hubris on the part of the board of the Bank then the Group CEO - Peter Marks. Part of the problem was that the Bank was trying to do to much at once, providing they can treat the acquisition of TSB as their sole project for the next few years, they might acheive what they failed to in 2014/2015. 

WillPS

Slightly left field as the narrative seemed to be that Co-op Bank were themselves being cut down ready for a sale, but makes sense on paper. Neither bank have a particularly strong IT platform (and of course Britannia legacy stuff still lives on a seemingly entirely separate system) so it'd be interesting to see which they move forward with (if they do).

I do hope the opportunity is taken to remove the 'co-operative' moniker from their name as it simply isn't true, and TSB is probably the stronger brand (if not without its own reputational issues).

[Deleted User]

WillPS said:

Slightly left field as the narrative seemed to be that Co-op Bank were themselves being cut down ready for a sale, but makes sense on paper. Neither bank have a particularly strong IT platform (and of course Britannia legacy stuff still lives on a seemingly entirely separate system) so it'd be interesting to see which they move forward with (if they do).

I do hope the opportunity is taken to remove the 'co-operative' moniker from their name as it simply isn't true, and TSB is probably the stronger brand (if not without its own reputational issues).

They actually require special permission (from UK Gov) to use it as co-operative is type of business structure and not simply a brand. They were previously allowed due to being 100% owned by an actual co-operative - now (as you say) it's fairly dubious.

I think a ménage à trois - Virgin Money, TSB and Co-op Bank would be a good fit.