High street bank with 2.6million customers sold to rival – what it means for customers Co-Operative Bank has been officially bought by Coventry Building Society for £780million.
Previously, Coventry said it would look to integrate Co-op Bank gradually over several years, with the bank’s customers eventually becoming members of the building society.
The high street lender issued the update of the sale this morning, with the move giving Coventry Building Society an extra 2.6million retail customers on top of its own two million.
Hughes added: "If you have accounts with Coventry Building Society and The Co-operative Bank, you’ll continue to benefit from the maximum protection offered by the Financial Services Compensation Scheme through each organisation.
As a result of the move, Co-op Bank has become a subsidiary of Coventry Building Society and has been brought back under "mutual ownership."
