Coventry BS bids for the Co-op Bank

Stuart_W

Looks like we are now just days away from the purchase of the bank by Coventry BS:

Coventry Building Society races to finalise £780m Co-operative Bank deal | Business News | Sky News

jameseonline

Stuart_W said:

Looks like we are now just days away from the purchase of the bank by Coventry BS:

Coventry Building Society races to finalise £780m Co-operative Bank deal | Business News | Sky News

Can they complete in time? *Dramatic music*

Stuart_W

Looks like we are there. All agreed. Done deal.

Coventry Building Society and Co-op Bank £780m tie-up confirmed (cityam.com)

A joint statement was put out by the London Stock Exchange this morning  confirming the cash aquisition.

Update: The Co-op bank even emailed customers lunchtime today and have now put this up on their website which is the first public acknowledgement by the bank direct to customers, so they were waiting until it was fully agreed rather than just a proposal being mulled over and due diligence being applied by both sides. Let's home that due diligence was much better than what went on prior to Britannia Building Society and Co-op Bank merging back in 2009. Much of where the bank is now is due to that fiasco. 

  

jameseonline

https://www.theguardian.com/business/article/2024/may/24/coventry-building-society-finalises-deal-for-co-operative-bank

WillPS

The transaction completes on New Years Day. The two will act as separate businesses with their own brands for "several years".

https://www.co-operativebank.co.uk/content-hub/articles-and-advice/the-co-operative-bank-and-coventry-building-society/

wmb194

WillPS said:

The transaction completes on New Years Day. The two will act as separate businesses with their own brands for "several years".

https://www.co-operativebank.co.uk/content-hub/articles-and-advice/the-co-operative-bank-and-coventry-building-society/

Which includes separate banking licences and FSCS coverage:

"At completion, the Bank will become a subsidiary of the Society and each entity will retain their respective banking licences, and so customers and members of each organisation will continue to have the same Financial Services Compensation Scheme protection."

https://www.londonstockexchange.com/news-article/BG64/announcement-of-regulatory-approval/16785475

Stuart_W

All happened as planned yesterday. Coventry own Co-op Bank. And now begins years of very slow, carefully orchestrated gradual integration. Beginning with...

WillPS

Stuart_W said:

All happened as planned yesterday. Coventry own Co-op Bank. And now begins years of very slow, carefully orchestrated gradual integration. Beginning with...

Some subtleties in that tagline - the font used is the Coventry brand standard, the misaligned highlight is a Co-op Bank brand standard.

It'll be interesting to see where this goes now; Coventry have been more coy about what they see as they future for their bank asset than Nationwide.

Theleak250

“All together, even better” is ghastly. 

ircE

WillPS said:

Some subtleties in that tagline - the font used is the Coventry brand standard, the misaligned highlight is a Co-op Bank brand standard.

What a spot! Kudos.

All the best of luck to everyone for the prize draw! I suspect I'm not the only one quietly hopeful that my custom at both institutions bodes well for me...