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Will we get a windfall……Coventry Building Society acquisition of Co-operative bank.

idontknowif
idontknowif Posts: 2 Newbie
First Post First Anniversary
edited 24 April 2024 at 3:39PM in Budgeting & bank accounts
Apologies if this is in the incorrect category….

Would anyone happen to know whether as an existing Co-operative bank customer, I would be due any windfall upon the completion of the potential acquisition by Coventry Building Society?

Comments

  • Hattie627
    Hattie627 Posts: 230 Forumite
    100 Posts Second Anniversary Name Dropper
    I don't think so. The Co-op Bank is not a mutual organisation owned by "members" (ie by its savers and borrowers). It is owned by its shareholders.
  • Thanks Hattie627
    Was hopeful, but never mind…ever the optimist!
  • WillPS
    WillPS Posts: 4,694 Forumite
    Part of the Furniture 1,000 Posts Newshound! Name Dropper
    As above - even when it was owned by The Co-op Group (which is a different sort of mutual, a consumer co-operative), it was still a bank, not a mutual in and of itself, and they could in theory have sold the bank off then sat on or reinvested the profits without releasing anything for their members.

    In the event, they had to effectively pay hedge funds to offload the risk of it, which actually caused them to make a huge loss and stop paying dividends.
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