Co-op Bank confirms takeover by Coventry Building Society

There's big news in the city this morning as The Co-operative Bank has confirmed a takeover by Coventry Building Society has been completed.

The Co-op Bank was formed in 1872 as the Loan and Deposit Department of the Co-operative Wholesale Society. The society followed the principles of the Rochdale Society of Equitable Pioneers - an early consumers' co-operative who influenced the modern co-operative movement.

The Co-operative Bank still has its headquarters on Balloon Street in Manchester. But this morning, the Coventry Building Society (CBS) confirmed it has competed the acquisition of The Co-operative Bank.

The CBS said they will now have assets of around £89bn with around 4.5 million members and customers following the takeover. The company said the Co-op Bank has now become a subsidiary of CBS, with the acquisition bringing the 152-year-old bank back under mutual ownership.

However, the Co-op Bank's new bosses have said that it will continue to operate as The Co-operative Bank for the time being, with no immediate change to services.

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