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

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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.

 

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