Coventry BS bids for the Co-op Bank

boingy

Smile were once trailblazers but those days are long gone. I dumped them this year after a 20 year relationship. They are done as a brand.

[Deleted User]

boingy said:

It's a bit early to speculate. They haven't managed to buy them yet.

It's a very big if as they aren't getting it for free like merging with another Building Society. They have to buy it from the vulture funds and pump money into a merger/new systems. 

friolento

Looks a done deal now

 https://news.sky.com/story/co-operative-bank-and-coventry-near-agreement-on-landmark-780m-deal-13117446

Stuart_W

It seems that it has been formally announced by the two parties that they have now agreed terms. 

https://www.thebusinessdesk.com/westmidlands/news/2085242-coventry-building-society-to-acquire-co-op-bank-in-780m-deal

MSE_Helen_K

Hi all, as noted by Stuart_W (thank you) a deal has been agreed - though it's subject to regulatory approval and details are still to be finalised. 

Here's what we know so far: 

Co-op Bank customer? You could be moved to Coventry Building Society in future – here's what's happening

superM

I wonder what would happen to Coop current accounts.  Coventry use to have current accounts but they decided to close it down. 

jameseonline

superM said:

I wonder what would happen to Coop current accounts.  Coventry use to have current accounts but they decided to close it down. 

Guessing nothing as such, co op could continue as a separate brand or Coventry would eventually rebrand co op.

Either way a current account would still exist.

Stuart_W

superM said:

I wonder what would happen to Coop current accounts.  Coventry use to have current accounts but they decided to close it down. 

They will certainly be kept, just there may be a name change, or there might not. There's always the use of the Smile or Britannia brand names as options too of course, at least for current accounts. Any change will be gradual, aim to be seamless, they will be very mindful of the origins of the bank within the co-operative movement and will emphasise mutuality in however they progress. There may even be hybrid identity, such as bringing everything under the Coventry name but calling the current account "the Co-operative account" or something, with some tie-up with Co-operativesUK. However it is done, it will be done gradually and carefully. 

jackjones01

I know it’s early days but I wonder what they’ll do with smile. 

WillPS

jackjones01 said:

I know it’s early days but I wonder what they’ll do with smile. 

Interesting isn't it. I wonder if they'll continue to have rights to the 'co-operative' name, even.