Coventry Building Society reportedly eyeing Co-operative Bank takeover
Coventry Building Society has entered discussions with the Co-operative Bank over a potential takeover, according to a Sky News report.
Coventry Building Society has reportedly entered discussions with the Co-operative Bank
Talks between the two parties are ongoing but not exclusive, the report suggests.
Sky News adds that if the deal goes through, the combined entities will manage nearly £90 billion in assets, with sources claiming Coventry Building Society is “extremely serious” about the move. A potential price point is not currently known.
FinTech Futures has contacted both parties for comment but has not yet received a response.
Manchester-based Co-operative Bank has reportedly been mulling a sale since its split from the Co-operative Group in 2020. Earlier this year, sources told Reuters that the bank was considering potential mergers and acquisitions, as well as an initial public offering (IPO).
In August, specialist lender Shawbrook Bank had reportedly reached out to Co-operative Bank proposing a £3.5 billion merger deal. In February, reports suggested the Co-operative Bank was looking to acquire Sainsbury’s Bank’s £650 million mortgage loan book, but a deal did not materialise.
Back in 2021, it had also discussed a potential merger with rival lender TSB, but the talks fell through after the latter’s owner Sabadell rejected the proposal.
