Borrowers who have mortgages with The Co-operative Bank will see no changes to their deals after the lender was acquired by Coventry Building Society, it has been confirmed.
It was announced yesterday the building society had competed the acquisition of The Co-operative Bank in a move which will increase Coventry’s assets to around £89 billion and boost member and customers numbers to 4.5 million.
Under the acquisition The Co-operative will become a subsidiary of Coventry Building Society and means the 152-year-old bank will be brought back under mutual ownership.
Yesterday Coventry Building Society confirmed the move would not impact the bank accounts, savings or mortgages of any customers.
Steve Hughes, group chief executive, said: “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.”
He added: “We’re excited about what this means for our future. Bringing together our two value-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.”
