The Co-operative Bank has issued a trading update in which it reveals that profit for the second half of 2008 has continued to rise, despite difficult market conditions. Compared with the same period of 2007, income has increased while costs and bad debt charges have declined. The bank makes mention of investment writedowns at its [...]
Co-operative Financial Services (CFS), Henderson Global Investors and CCLA have joined forces to sponsor the UK’s second National Ethical Investment Week (NEIW). The event, which is organised by sustainable investment and finance association, UKSIF, will be held between 8th and 14th November and the NEIW website gives full details of participation. Last year’s NEIW attracted [...]
Abbey’s Zero credit card has been named Best New Credit Card Product of the Year at the annual Cards Awards ceremony. Cardholder benefits include: 0% on balance transfers for the first six months; 0% on purchases for the first six months; 0% balance transfer fee (typically 3%); 0% fee on cash withdrawals (typically 3%); 0% [...]
Ethical principles have cost the Co-operative Bank a potential £1 billion in lost business over the past 15 years. However, clients turned away because of practices the bank considers to be unethical have been replaced by a flood of individual savers, with deposits increasing by 40% between 2007 and 2008. In addition, the banking crisis [...]
The Britannia Building Society is pushing ahead with plans to merge with Co-operative Financial Services (CFS) which operates the Co-op’s insurance and banking arms, including Internet bank, Smile. The mutuals first discussed the idea in October of last year but cannot complete a merger until the passing of the Butterfill Bill which will remove legislation [...]
The Association of British Credit Unions (ABCUL) has reported that seven of its members have launched current accounts. Tower Hamlets, Shropshire-based Just, South Tyneside, Llandudno, Lewisham, Hartlepool and Newry are now providing the facility, bringing the total number of UK credit unions offering current accounts to 18. The move has the support of the Department [...]
Britannia, the UK’s second-largest building society, is reported to be in merger talks with Co-operative Financial Services (CFS), which operates the group’s insurance and banking arms, including Internet bank, Smile. Both the Times and Telegraph have reported that the parties could create a “super-mutual” that would be one of the largest financial services groups in [...]
The Co-operative Bank has launched two current accounts that allow customers to choose benefits to suit their lifestyles. According to the bank, the new Privilege and Privilege Premier accounts are the first of their kind in the UK, providing a wide range of benefits that can save customers over £700 a year. In addition to [...]
The Co-operative Bank posted pre-tax profit of £46.2 million for the 28 weeks to 26 July, up from £45.5 million pounds in the same period of 2007. The accounts included writedowns of £25 million in relation to market volatility and the bank’s structured investments. Both bad debt and operating costs fell during the six months [...]
The Co-operative Bank’s unique fixed rate platinum credit card has been relaunched. The card now has a competitive five year fixed rate of 9.9% APR, and offers up to 46 days of interest free credit. No annual fee will be charged for the card, which allows 90 free days to acquire protection insurance and provides [...]
The think credit card’s rate is being reduced to 12.9% APR typical variable by the Co-operative Bank, effective from 1 April this year. The rate reduction is designed to enable more consumers to benefit from the ethical think credit card offered by the bank, as its rate is now the lowest in the ethical credit [...]
Co-operative Financial Services (CFS), which owns the Co-op Bank, has reported a 6% increase in pre-tax profit for 2007, to £155 million. The result reflects a loss of £31.8 million by Co-op Bank, which has been forced to write down half of its £63 million investment in structured investment vehicles (SIVs) managed by Citigroup, HSBC [...]
In a recent survey carried out by Watchdog, the BBC’s consumer affair programme, the Co-operative Bank and its online subsidiary, Smile, took third and second place respectively. Over 13,000 viewers were asked to rate the current account and customer service standards of 45 different banks and building societies. Respondents to the survey then named the [...]
Co-operative Bank is planning to reduce staff numbers at its financial services division by 1,000, by the end of 2007. The bank, which runs Smile online, is currently Manchester’s biggest employer and Amicus, the trade union is taking a strong line in demanding that no compulsory redundancies are required in the restructure Co-operative Financial Services [...]
Co-operative Financial Services is convinced that UK consumer awareness of environmental issues is increasing, leading to a rise in demand for ethical financial products. The Co-operative Bank has produced research showing that eight in ten consumers would opt for an eco-friendly product, given the choice. In the main, people are trying to do their bit [...]
