Coventry Building Society Acquires Co-op Bank for £780m

The merger will return Co-op Bank to mutual status, creating a combined entity with nearly 5 million customers and £89bn in assets.

Co-op Bank will transition back to mutual ownership after over a decade under private equity control.
The combined entity will keep both brands and integrate over several years, maintaining service quality.
Coventry Building Society decided against a member vote on the acquisition, prioritizing service quality.
The deal is part of a broader trend of consolidation within the UK's mutual and banking sectors.
Coventry's leadership will remain in place, aiming to expand market share in mortgages and current accounts.