Manchester based Co-op Bank has been bought by the Coventry Building Society in a deal worth £780m
The two announced the deal today after three months of exclusive talks
The deal, which would create a lender that would have had an £89 billion balance sheet at the end of 2023, would not require a vote by Coventry’s members, according to the statement.
Up to £125 million of the cash consideration will be deferred for a period of three years, subject to future performance.
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.
Under the desk the Bank would return to a mutual ownership structure which it had more than 10 years ago when it was part of the wider Co-op Group.
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