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Co-Operative Bank News

  • Co-op Group to hold 30% stake in rescued bank

    Under a new rescue deal, Co-operative Group will retain 30% of the equity in Co-op Bank. Earlier plans for a re-capitalisation of the bank were rejected by bond holders but the group now expects to meet the additional £1.5 billion … Read more »

  • Co-operative makes pair of senior appointments

    The Co-operative Group has announced a pair of senior appointments, with Richard Pennycook named as group finance director and Richard Pym becoming chairman of The Co-operative Banking Group and The Co-operative Bank. Pennycook joins The Co-operative after almost eight years … Read more »

  • Co-operative appoints new Bank CEO

    The Co-operative Group has announced the appointment of Niall Booker as the new chief executive of The Co-operative Bank and deputy chief executive of The Co-operative Group. Booker is a veteran of the financial services industry, and during more than … Read more »

  • Banks fail on cash ISA advice

    Some of the UK’s biggest banks are failing to give the right advice when it comes to transferring and managing their cash ISAs, a new investigation by Which? claims. The consumer group recently made 180 calls to 15 leading banks … Read more »

  • Co-operative Bank announces branch network plans

    John Hughes, the MD of Retail Banking at The Co-operative Bank, has outlined changes to the bank’s branch network. Hughes stated that the bank had been increasing its presence in the UK banking market over recent years, and has expanded … Read more »

  • FSA fines Co-operative Bank over PPI complaints

    The Financial Services Authority (FSA) has fined The Co-operative Bank plc £113,300 for failing to fairly handle complaints relating to payment protection insurance (PPI). The British Bankers Association’s (BBA) mounted an unsuccessful High Court challenge to FSA measures that were … Read more »

  • Co-operative Bank changes basic bank account

    The Co-operative Bank has announced that it is making a change to its basic bank account (Cashminder) for new customers. With effect from 17 September the bank will no longer take on un-discharged bankrupts as customers, (existing customers are unaffected). … Read more »

  • Co-op reports H1 losses

    The Co-operative Group has reported its financial results for the 26 weeks ended 2 July 2012, consolidating the results of The Co-operative Banking Group (CBG). CBG reported an operating result of £36.9m, significantly less than the £115m made during 2011. … Read more »

  • More banks to review interest rate hedging sales

    Seven additional banks have volunteered to review their sales of interest rate hedging products to small and medium-sized businesses, the Financial Services Authority (FSA) has reported. Allied Irish Bank (UK), Bank of Ireland, Clydesdale and Yorkshire banks, Co-operative Bank, Northern … Read more »

  • Co-op and Lloyds agree project Verde terms

    Co-operative Banking Group has agreed terms for the acquisition of 632 branches from Lloyds Banking Group in a move that will see the mutual take on an addition 4.8 million banking customers. The transaction will increase Co-op bank branches to … Read more »

  • Co-operative Bank increases savings rates

    The Co-operative Bank has announced an increase in the interest rate across its range of fixed term deposits. The bank’s 3 Year Fixed Term Deposit interest rate rises from 3.75% to 4%, with the 2 Year Fixed Term Deposit up … Read more »

  • Lloyds and Co-operative make branch sale progress

    The Co-operative Group has confirmed that it is making good progress in the process regarding the sale of Lloyds Banking Group branch assets. The Co-operative and Lloyds have now reached an understanding regarding the commercial terms of the transaction. However, … Read more »

  • Which? challenges banks on customer call costs

    Which? is claiming that many of the UK’s leading banks are making existing customers pay to call them, while offering new customers access to free phone numbers. An investigation by the consumer group found that the majority of banks, insurers … Read more »

  • Co-op cools on bid for Lloyds’ branches

    In announcing yesterday’s annual results, Co-operative Banking Group gave a cool review of its proposed purchase of the 632 branches to be sold off by Lloyds Banking Group. Co-operative Bank has been granted preferred bidder status for the disposal and … Read more »

  • The Co-operative Bank supports first time buyers

    The Co-operative Bank is supporting first time buyers after the stamp duty holiday comes to an end this Saturday, by offering a range of fee-free products to those who miss the deadline. This year the bank has committed to lend … Read more »

  • One in five Britons have no savings

    The Co-operative Bank has revealed that as many as 20% of Britons have no savings whatsoever. When asked, those lacking savings stated they would resort to borrowing should they need extra funds, with most (53%) preferring credit cards. Borrowing from … Read more »

  • Co-operative Bank wins MoneySupermarket award

    MoneySupermarket.com has named The Co-operative Bank as the Best Current Account Provider in the UK. The recently established ‘Supers’ awards consider The Co-operative Bank to be a market leader in terms of innovation and customer service. Robin Taylor, Head of … Read more »

  • Co-op preferred bidder for Lloyds’ branches

    Lloyds Banking Group has named Co-operative Group as its preferred bidder for the 632 branches that it needs to sell under EC competition rules. The bank says it will now progress more detailed exclusive discussions with the Co-op, with the … Read more »

  • Most Britons are not saving for Christmas

    The Co-operative Bank has commissioned research which reveals that less than half (42%) of Britons saved for Christmas this year. The survey reveals average savings of £423, with men saving £460 for Christmas and women £400, on average. Regionally, the … Read more »