Coventry BS bids for the Co-op Bank

MikeJXE

steven141 said:

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. 

I have done the Co-op switch along with many others 

WillPS

The very best of luck to them. More competition in the 'building societies with banking services' field would be a very welcome eventual outcome of this whole debacle.

gsmh

I'm really excited about this. The Co-operative Bank is currently owned by hedge-funders so their ethical policies are hugely diluted. To have the bank returned to 'mutual' status would be so good. A marriage made in heaven!

jackjones01

km1500 said:

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

Yes I wondered that too…. I used to have one but obviously it ended up getting closed. 

[Deleted User]

gt94sss2 said:

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

The Co-operative Bank has never been a mutual - so how can you 'effectively remutualise' it?

friolento

I wish Coventry would launch their mobile app before splashing out on a bank.

gsmh

[Deleted User] said:

The Co-operative Bank has never been a mutual - so how can you 'effectively remutualise' it?

I think most of us understood what they meant.

[Deleted User]

wmb194 said:

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.

They'll have to rebrand the business anyway as the bank was never actually a Co-operative.
It got dispensation to use that descriptor when it was 100% owned by an actual Co-operative.

WillPS

[Deleted User] said:

wmb194 said:

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.

They'll have to rebrand the business anyway as the bank was never actually a Co-operative.
It got dispensation to use that descriptor when it was 100% owned by an actual Co-operative.

How do you account for the last decade then? We have no idea what the stipulations associated with the license to use the name are.

MaidaVale3499

steven141 said:

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. 

I have a coop current account.  I was recommended by a chap on Meaningful Money Retirement Planning Group.....switch done easily and coop paid both of us very promptly.