Coventry BS bids for the Co-op Bank

Lions_89

EarthBoy said:

This sounds like the perfect way to ruin a solid, reliable, building society..

If it’s a building society wouldn’t there be a vote?

EarthBoy

Lions_89 said:

EarthBoy said:

This sounds like the perfect way to ruin a solid, reliable, building society..

If it’s a building society wouldn’t there be a vote?

No. It wouldn't be a merger with another building society, or a takeover of the building society by a bank, it would just be the Coventry buying the Co-op Bank and running it as a subsidiary company, so I don't see a vote being necessary.  Lots of building societies own limited companies as subsidiaries.
They could then merge the two business into a single operation, although they might prefer to keep them separate. 

xylophone

They could then merge the two business into a single operation,

Covco?.................

quirkydeptless

xylophone said:

They could then merge the two business into a single operation,

Covco?.................

Co-ventry

Lions_89

The co op has so much scandal
They are better off steering clear.  

Cashmygiro

Co-op Bank have just recently relocated their Newcastle branch to the old Virgin Money/Yorkshire Bank/Alliance & Leicester location on Northumberland Street.

Bridlington1

Lions_89 said:

The co op has so much scandal
They are better off steering clear.  

Whilst I don't use them as a main bank account, I've been referred to them twice, once for £50 and again for £125, if you throw in the £1.25/mth I've been getting for paying a moneybox DD out each week I've had around £200 out of them in total since I started using them last year. For this reason I for one am glad to have banked with them.

gsmh

It's looking good. From the Guardian today:

"Just in: Coventry Building Society has entered an exclusivity agreement with the Co-operative Bank over a possible takeover offer.

Coventry says the agreement will allow it to carry out due diligence ahead of a possible offer, and to continue engagement with Co-op Bank.

Back in November, Co-op Bank said it was exploring “strategic opportunities“, amid reports that several suiters were considering bids.

Today, Co-op Bank says:

The Bank confirms that, following receipt of non-binding proposals from potential acquirers, it has entered a period of exclusive discussions with Coventry Building Society (the “Society”).

This period of exclusivity will enable the Society and the Bank to better evaluate the merits of a combination. There is no certainty that these exclusive discussions will result in a transaction.

A further update will be provided in due course."

jackjones01

How will it work with one being a bank and the other being a building Society. Will they still operate separately or will the co op get rebranded Coventry Building Society 🤷🏽

gsmh

jackjones01 said:

How will it work with one being a bank and the other being a building Society. Will they still operate separately or will the co op get rebranded Coventry Building Society 🤷🏽

Given The Co-operative Bank shouldn't really be using the Co-operative brand, I would imagine they'll need to re-brand. Why not Coventry Building Society for both operations? The Cumberland and Nationwide have no problem using one brand for all their services.