High street bank with 2.6m customers ‘to be sold’ to rival in £780million landmark deal

A HIGH street bank with millions of UK customers is "to be sold" to a major rival in a new landmark deal.is poised to take a significant step towards reclaiming its mutual status as it prepares to announce its acquisition by theCo-op Bank currently provides banking services to about 2.6 million retail customers and more than 93,000 small and medium-sized enterprisesIt's understood that the Coventry Building Society will pay £780million in cash for the acquisition.

If successful, the acquisition would effectively restore the Co-operative Bank's mutual status and create a financial powerhouse boasting assets nearing £90billion.It's important to note that if the acquisition goes ahead, customers will not experience any immediate change. Co-op Bank told investors, at the time, that it had begun "exclusive discussions" with the building society in order to "evaluate the merits of a combination" of the firms.

It is now owned by a group of private equity investors, including US-based JC Flowers and Bain Capital Credit, who bought a stake in 2021.The once-flailing bank became profitable two years ago and more than quadrupled profits in 2022, under the leadership of chief executive Nick Slape who steered its turnaround.

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