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Created before Nov 2016
Last update: 2017-02-01 10:08:12
Ryan Brightwell, BankTrack
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The Co-operative Bank is an ethical bank operating in the United Kingdom. The bank introduced its Ethical Policy in 1992, which stipulates who the bank will and will not finance, based on its customers' ethical concerns.
The bank is part of The Co-operative Banking Group, which also includes The Co-operative Insurance Society (CIS), as well as Britannia and the internet bank smile. The Banking Group is in turn part of The Co-operative Group, the UK's largest consumer co-operative.
In April 2013 an agreement reached with Lloyds Banking Group the previous year to acquire 632 Lloyds branches was abandoned, amidst news of heavy financial losses and a significant downgrade by the ratings agency Moody's. Following this, in order to plug a £1.5 billion capital shortfall, 70% of the bank's shares were sold to private investors in November 2013, leaving The Co-operative Group owning the remaining 30% of the shares. The Group's shareholding was further reduced to 20% in November 2014.
1 Balloon St.
M6O 4EP Manchester
Niall S. Booker |
Chief Executive Officer
Annual Report 2014|
Sustainability Report 2013
Sustainability Report 2012
The bank is 30% owned by The Co-operative Group, which is owned by its 7 million customer members. The remaining 70% is held by private investors, including a number of hedge funds.