Coventry Building Society has confirmed its major take-over over a high street bank. In doing so, it has issued a message to all of its customers.
This morning, it said it has completed the acquisition of The Co-operative Bank. It means it will now have assets of around £89bn and around four and a half million members and customers across the country.
As a result of the deal, the Co-operative Bank has become a subsidiary of Coventry Building Society, and it will see the 152-year-old Bank brought back under mutual ownership. Customers of both banks have been told that there will be no change to the services ‘right now’.
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In a message sent to customers and members of both organisations, Group Chief Executive, Steve Hughes said: “We’re excited about what this means for our future. Bringing together our two values-driven organisations will result in a mutually owned business that’s deeply passionate about its members, customers and communities.
“We’ll use our combined experience of almost 300 years to do more of the things that matter to you. We’re still going to operate as The Co-operative Bank and Coventry Building Society for the time being.
“This means there will be no change to the way you use our services right now. And if you have accounts with both 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.”