Regulators approve Coventry's Co-op Bank acquisition
The acquisition is expected to complete on 1st January 2025.
The FCA and the PRA have given their consent to the acquisition of The Co-operative Bank by Coventry Building Society.
The acquisition is expected to complete on 1st January 2025.
Coventry will pay £780m for the bank, with up to £125m deferred for up to three years subject to the performance of Co-op Bank.
In a statement, Coventry says the acquisition will "not require any immediate changes to the capital structure of the Bank or the combined group as a whole", adding that post completion, "the Society and the Bank intend to simplify and align their capital structures over time".
At completion, the Bank will become a subsidiary of the Society and each entity will retain their respective banking licences, meaning customers and members of each organisation will continue to have the same Financial Services Compensation Scheme protection.
As announced in May, the combined group will be led by David Thorburn as chairman, Stephen Hughes as CEO and Lee Raybould as CFO.
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