News Formal

Co-op Bank transformation ‘materially complete’ ahead of merger deal

  • 📰 Glasgow_Times
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 59%

Malaysia News News

The bank said discussions over its agreed merger with Coventry Building Society are ‘well advanced’ after completing significant due diligence.

The Co-operative Bank has said its transformation plan is ‘materially complete’ ahead of its agreed merger with Coventry Building Society

The banking firm said discussions over the deal, which will see the building society acquire Co-op Bank for up to £780 million, are “well advanced” after completing significant due diligence. Co-op Bank said its financial performance is in line with expectations and held firm its guidance for the year.

In March, it said it planned to reduce its roughly 3,000-strong workforce by around 12%, in a move affecting staff across the business, including at its branches.The bank said it has made “significant progress” with IT changes, which are now close to completion.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 76. in MY

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Co-op Bank transformation ‘materially complete’ ahead of merger dealThe bank said discussions over its agreed merger with Coventry Building Society are ‘well advanced’ after completing significant due diligence.
Source: Observer_Owl - 🏆 18. / 72 Read more »