Coventry BS bids for the Co-op Bank

gt94sss2

One of Britain's biggest building societies has tabled a surprise takeover bid for the Co-operative Bank – a deal that would effectively remutualise one of the country's most recognisable high street lenders.

https://news.sky.com/story/coventry-building-society-tables-bid-to-remutualise-co-operative-bank-13024020

boingy

Wow! That's come out of the blue. Co-op are in desperate need of improvement. It will be interesting to see whether Coventry can achieve that.

MikeJXE

boingy said:

Wow! That's come out of the blue. Co-op are in desperate need of improvement. It will be interesting to see whether Coventry can achieve that.

Yeah wow 

I have both Coventry and Co-op accounts so how would this news affect them ? 

km1500

wonder if Coventry is planning to go back into the current account business !

wmb194

It must be going cheap if a building society is interested. I wonder what the branch overlap is?

MikeJXE

Can't wait till Coventry/Co-op launch a switch so I can dump Barclays 

wmb194

MikeJXE said:

boingy said:

Wow! That's come out of the blue. Co-op are in desperate need of improvement. It will be interesting to see whether Coventry can achieve that.

Yeah wow 

I have both Coventry and Co-op accounts so how would this news affect them ? 

IT integration projects in the banking sector are famously expensive and prone to failure. I wouldn't be surprised if it played it safe and 'did a Virgin Money' i.e. it could rebrand Co-op as Coventry but continue to run separate systems with separate logins.

steven141

MikeJXE said:

Can't wait till Coventry/Co-op launch a switch so I can dump Barclays 

They already have a switching offer if you know someone with the co-operative bank £125 each. 

born_again

Co-op has also just brought their Platform mortgage are back under the Co-op banner.
Letter received today.

Cashmygiro

Anything for the carpet baggers?

Zanderman

Cashmygiro said:

Anything for the carpet baggers?

Unlikely. The concept is the mutual taking over the bank, not the other way round.