Coventry Building Society has agreed to a takeover of the Co-operative Bank for £780 million under the agreement the firms have signed a share purchase agreement under which the building society will acquire the entire issued share capital of Co-operative Bank.
The combined group will be led by the mutual’s chairman David Thorburn and Chief Executive Steve Hughes.
Coventry Building Society’s Hughes said “By bringing together Coventry Building Society and The Co-op Bank we will be able to deliver more value to more people in the coming years.”
Co-operative Bank Holdings chairman Bob Dench said “This transaction sees The Co-op Bank returning to mutuality.”