Coventry is taking over the Co-op Bank for £780m, returning it to joint ownership after more than a decade

Coventry Building Society has completed its £780m takeover of The Co-operative Bank, returning it to joint ownership after more than a decade.

The combined group will have £89bn of assets, 4.5m members and around 94,000 small business customers.

Coventry says it will take a ‘few years’ to offer the combined service, the Co-op Bank will operate separately for now.

The Co-op Bank has 50 branches and will expand Coventry’s footprint beyond the Midlands and southern England, into areas such as London and the north. Coventry has 64 branches.

‘We will use our combined experience of nearly 300 years to do more things that matter,’ said Coventry chief executive Steve Hughes.

Co-op Bank chief executive Nick Slape is leaving. Hughes will run the bank and building society until a replacement is found. Bank chairman Bob Dench left this week.

Mutual ownership: Coventry building society has completed its £780m takeover of The Co-operative Bank

DIY INVESTMENT PLATFORMS

AJ Bell

AJ Bell

Simple investment and ready-made portfolios

Hargreaves Lansdowne

Hargreaves Lansdowne

Free fund trading and investment ideas

interactive investor

interactive investor

Flat investment from £4.99 per month

Saxo

Saxo

Get £200 back in trading fees

Trading 212

Trading 212

Free trading and no account fees

Affiliate links: If you download the This is Money product you can earn a commission. These deals have been selected by our editorial team because we think they are worth highlighting. This does not affect our editorial independence.

Compare the best investment account for you