Coventry Building Society has confirmed that it has finalised its acquisition of the Co-operative Bank.

The lender will now have assets of around £89bn, with around 4.5 million members and customers across the country.

the Co-operative Bank has become a subsidiary of Coventry Building Society, and the combination of the two organisations will see the 152-year-old Bank brought back under mutual ownership.

Steve Hughes, the Coventry’s group chief executive, told customers and members of both organisations: “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.”

NEW SMT

The combined group will be led by David Thorburn as chairman, Steve Hughes as chief executive officer and Lee Raybould as chief financial officer. Nick Slape will retire from his role as CEO of the Co-operative Bank and there will be a handover period. Hughes will be interim chief executive of the Bank alongside his group role until a permanent appointment is announced.

Meanwhile, Bob Dench has retired from his role as chairman of the Co-operative Bank effective from 1 January 2025. Jo Kenrick has taken on the role of chair of the Co-operative Bank Board effective from 1 January 2025; she is currently deputy chair of Coventry Building Society’s board.