239:. Co-operative Financial Services was formed as a holding company to bring these financial subsidiaries together under one umbrella society and to enable synergies between the businesses to be exploited. Following the Co-operative Bank's financial crisis in 2013, the group sold a majority of shares in the business, retaining a 20% stake. As a result, the group was reorganised, and the banking group structure was discontinued.
42:
306:
reason for the change. In
September 2011, Co-operative Financial Services became the Co-operative Banking Group. In December 2011 Lloyds Banking Group announced that Co-operative Banking Group was its preferred bidder for the assets which it was selling to comply with EU competition regulations, and that the two parties would be entering into exclusive talks.
305:
In July 2011, the chief executive
Neville Richardson was replaced by Barry Tootell, who became acting chief executive of Co-operative Financial Services. Peter Marks, chief executive of Co-operative Financial Services' parent company The Co-operative Group cited Neville's desire to step down as the
271:
gala dinner for making sustainable development a top priority in how it operates and in the products and services offered to its customers. They also won an Impact on
Society Award, given to companies that are improving their business and their overall impact on society in the marketplace, the
314:
On 24 April 2013, The Co-operative Group announced it had withdrawn from purchasing the "Verde" business of Lloyds
Banking Group after boards of the group and The Co-operative Bank decided that it was not in the best interests of the group's members to proceed further at the time.
287:, was agreed by Britannia members. On 1 August 2009 Britannia Building Society was legally dissolved and Neville Richardson, its last Chief Executive, became Chief Executive of the enlarged CFS. The resultant "super-mutual" had assets of £70 billion and 9 million customers.
553:
1017:
630:
284:
1010:
678:
557:
1584:
1003:
318:
In May 2013, after the recognition of inadequate capital levels in the banking group, Euan
Sutherland took over from Peter Marks as Co-operative Group chief executive. That month
1614:
1609:
283:
proposed a merger, with the new "super-mutual" being brought under the stewardship of The Co-operative Group. On 29 April 2009 the merger, the first under the so-called
346:
had been considered. Former HSBC executive Niall Booker was appointed Chief
Executive of The Co-operative Bank. On 5 June Richard Pennycook, former finance director of
326:
by six notches to junk status (Ba3) and the bank's Acting Chief
Executive Barry Tootell resigned. The difficulties stem largely from the commercial loans of the
518:
1579:
764:
682:
409:
338:
200m in capital, and was planning to dispose of its other insurance business. Further financial restructuring was required, and the option of the
1604:
1599:
1594:
1026:
918:
1589:
950:
1508:
1328:
935:
452:
1232:
757:
611:
824:
1345:
519:
http://www.co-operative.coop/corporate/Press/Press-releases/CFS/Neville-Richardson-to-leave-Co-operative-Financial-Services/
437:
1370:
1035:
1491:
955:
940:
1375:
807:
750:
28:
1447:
1176:
327:
280:
236:
1558:
1420:
1237:
264:
679:"The Co-operative Group appoints Niall Booker as Bank Chief Executive and Group Deputy Chief Executive Officer"
273:
631:"Crisis-hit Co-op hires ex-Morrisons finance chief Richard Pennycook and banker Richard Pym for restructuring"
930:
351:
501:
1311:
1164:
830:
773:
213:
171:
385:
1380:
1333:
1085:
908:
406:
268:
228:
53:
705:
585:
1496:
1122:
1108:
802:
295:
995:
294:
to advise it on a potential bid for the 600+ branches, and a large chunk of mortgage business, that
1395:
1242:
299:
252:
470:
1540:
1405:
854:
371:
331:
63:
1521:
17:
1514:
1390:
1091:
792:
350:, was named Co-operative Group's finance director, and Richard Pym, former chief executive of
1485:
1478:
1471:
1465:
1425:
1186:
1117:
886:
343:
41:
1548:
1435:
1430:
1323:
1252:
1196:
1059:
838:
797:
456:
413:
339:
1158:
330:, acquired in the 2009 merger. The group intended to sell its life insurance business to
290:
As of June 2011, Co-operative
Financial Services was reported to be close to appointing
272:
workplace, the environment and the community, through leadership and integration of its
1440:
1400:
1306:
1170:
1127:
882:
860:
449:
335:
166:
115:
1573:
1502:
1385:
1365:
1355:
1296:
1270:
1143:
925:
323:
291:
1415:
1338:
1275:
1265:
1216:
1080:
913:
260:
232:
425:
1210:
1181:
1132:
1097:
974:
656:
531:
1527:
1410:
1360:
984:
979:
787:
319:
221:
109:
735:
1350:
1301:
1260:
877:
347:
248:
217:
209:
182:
148:
105:
1316:
1053:
1044:
945:
742:
354:, as chair of the Co-operative Banking Group and the Co-operative Bank.
1152:
205:
144:
1204:
554:"The Co-operative Group Announcement re: Lloyds Bank Branch Assets"
256:
1280:
1071:
612:"Co-operative Bank rushes to reassure customers after downgrade"
999:
746:
158:
584:
Anne-Sylvaine
Chassany and Jennifer Thompson (2 June 2013).
471:"Power struggles tear at the heart of 'ungovernable' Co-op"
216:. Established in 2002, its head office was located at the
386:"UK's Co-op Bank completes 400 million pound fundraising"
532:"Lloyds names Co-op as preferred buyer of bank branches"
279:
On 21 January 2009, Co-operative
Financial Services and
267:'s Company of the Year, having been recognised at their
227:
It was mainly known through its two main subsidiaries:
681:. The Co-operative Group. 28 May 2013. Archived from
416:
Business in the Community (retrieved 2 February 2009)
556:. www.co-operativebankinggroup.co.uk. Archived from
1456:
1289:
1251:
1225:
1195:
1141:
1106:
1069:
1042:
964:
895:
870:
847:
817:
780:
438:
Merger Creates Powerful Force in Financial Services
177:
165:
154:
140:
122:
100:
92:
77:
69:
59:
48:
1585:Financial services companies of the United Kingdom
1027:Commercial and retail banks in the United Kingdom
342:taking over the ownership of the bank under the
263:). In 2008, Co-operative Financial Services was
579:
577:
575:
235:, the first full internet bank in the UK) and
1011:
758:
8:
657:"What did regulators know about Co-op Bank?"
610:Rupert Neate and Jill Treanor (2013-05-10).
487:Lloyds prepares to axe another 15,000 jobs,
34:
1018:
1004:
996:
765:
751:
743:
370:Registered in England and Wales under the
33:
1615:Insurance companies of the United Kingdom
1610:2002 establishments in the United Kingdom
586:"Co-op weighs up banking arm rescue plan"
212:company and a wholly owned subsidiary of
450:New-look CFS ready to take on the banks
363:
706:"Co-op makes fresh changes at the top"
440:Britannia Media Centre, 3 August 2009
7:
1580:Co-operatives in the United Kingdom
428:BBC News, 21 January 2009 09:46 GMT
951:Associated Co-operative Creameries
198:Co-operative Banking Group Limited
25:
936:Co-operative Travel Trading Group
1233:National Savings and Investments
459:Co-operative News, 4 August 2009
426:Britannia and Co-op are to merge
40:
825:Federal Retail Trading Services
521:Co-operative News, 22 July 2011
502:"Richardson to quit Group role"
469:Sharlene Goff (24 April 2014).
202:Co-operative Financial Services
18:Co-operative Financial Services
903:The Co-operative Banking Group
655:Robert Peston (12 July 2013).
629:Rebecca Clancy (5 June 2013).
1:
1605:Cooperative banking in Europe
1600:Companies based in Manchester
1492:Cambridge & Counties Bank
1036:Banking in the United Kingdom
384:Matt Scuffham (10 May 2014).
247:In 2007, the Group agreed to
1595:Banks disestablished in 2013
956:Co-operative Retail Services
941:The Co-operative Motor Group
534:. BBC News. 14 December 2011
298:was ordered to sell by the
52:Limited company owned by a
29:Co-operative Legal Services
1631:
704:Adam Jones (5 June 2013).
328:Britannia Building Society
281:Britannia Building Society
237:The Co-operative Insurance
35:Co-operative Banking Group
26:
1590:Banks established in 2002
1559:UK Government Investments
1536:
1466:Arbuthnot Latham & Co
1238:UK Government Investments
1033:
926:The Co-operative Pharmacy
265:Business in the Community
185:.co-operativebankinggroup
39:
896:Former formats/interests
407:Company of the Year 2008
352:Alliance & Leicester
274:corporate responsibility
27:Not to be confused with
1177:Holt's Military Banking
931:The Co-operative Travel
1312:Allied Irish Bank (GB)
1165:Royal Bank of Scotland
946:The Co-operative Farms
774:The Co-operative Group
322:downgraded the bank's
214:The Co-operative Group
172:The Co-operative Group
1334:The Co-operative Bank
909:The Co-operative Bank
310:2013 financial crisis
269:Awards for Excellence
229:The Co-operative Bank
54:consumer co-operative
1497:Close Brothers Group
1123:Birmingham Midshires
1109:Lloyds Banking Group
803:Co-op Legal Services
296:Lloyds Banking Group
1557:Partially owned by
1522:Rothschild & Co
1243:UK Asset Resolution
965:Former subsidiaries
300:European Commission
253:information systems
36:
1406:Standard Chartered
1226:Wholly state-owned
855:Shirine Khoury-Haq
455:2011-07-18 at the
412:2009-02-26 at the
372:Companies Act 1985
334:, releasing about
73:CIS (founded 1867)
64:Financial services
1567:
1566:
1515:Kleinwort Hambros
1486:C. Hoare & Co
1457:Other commercial
1391:Secure Trust Bank
1092:HSBC Private Bank
993:
992:
857:(Chief Executive)
793:Co-op Funeralcare
506:Co-operative News
220:, Miller Street,
204:) was a UK-based
195:
194:
136:
135:(Chief Executive)
131:
16:(Redirected from
1622:
1479:Butterfield Bank
1472:Bank and Clients
1426:Unity Trust Bank
1396:Sainsbury's Bank
1253:Challenger banks
1187:Isle of Man Bank
1171:Messrs. Drummond
1159:Coutts & Co.
1118:Bank of Scotland
1020:
1013:
1006:
997:
887:NOMA, Manchester
832:The Co-operative
808:Co-op Electrical
767:
760:
753:
744:
739:
738:
736:Official website
721:
720:
718:
716:
701:
695:
694:
692:
690:
675:
669:
668:
666:
664:
652:
646:
645:
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641:
626:
620:
619:
607:
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598:
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581:
570:
569:
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565:
550:
544:
543:
541:
539:
528:
522:
516:
510:
509:
508:. 2 August 2011.
498:
492:
489:The Sunday Times
485:
479:
478:
466:
460:
447:
441:
435:
429:
423:
417:
404:
398:
397:
395:
393:
381:
375:
368:
344:Banking Act 2009
191:
188:
186:
184:
134:
129:
88:
86:
44:
37:
21:
1630:
1629:
1625:
1624:
1623:
1621:
1620:
1619:
1570:
1569:
1568:
1563:
1532:
1458:
1452:
1436:Clydesdale Bank
1324:Bank of Ireland
1285:
1247:
1221:
1197:Santander Group
1191:
1137:
1102:
1065:
1060:Barclays Wealth
1038:
1029:
1024:
994:
989:
960:
891:
866:
843:
813:
798:Co-op Insurance
776:
771:
734:
733:
730:
725:
724:
714:
712:
710:Financial Times
703:
702:
698:
688:
686:
685:on 4 March 2015
677:
676:
672:
662:
660:
654:
653:
649:
639:
637:
635:Daily Telegraph
628:
627:
623:
609:
608:
604:
594:
592:
590:Financial Times
583:
582:
573:
563:
561:
552:
551:
547:
537:
535:
530:
529:
525:
517:
513:
500:
499:
495:
486:
482:
475:Financial Times
468:
467:
463:
457:Wayback Machine
448:
444:
436:
432:
424:
420:
414:Wayback Machine
405:
401:
391:
389:
383:
382:
378:
369:
365:
360:
340:Bank of England
312:
245:
231:(incorporating
181:
161:1,116.7 million
132:
125:
118:
112:
84:
82:
32:
23:
22:
15:
12:
11:
5:
1628:
1626:
1618:
1617:
1612:
1607:
1602:
1597:
1592:
1587:
1582:
1572:
1571:
1565:
1564:
1562:
1561:
1555:
1541:Big Four banks
1537:
1534:
1533:
1531:
1530:
1525:
1518:
1511:
1506:
1499:
1494:
1489:
1482:
1475:
1468:
1462:
1460:
1454:
1453:
1451:
1450:
1445:
1444:
1443:
1441:Yorkshire Bank
1438:
1428:
1423:
1418:
1413:
1408:
1403:
1401:Shawbrook Bank
1398:
1393:
1388:
1383:
1378:
1373:
1368:
1363:
1358:
1353:
1348:
1343:
1342:
1341:
1331:
1326:
1321:
1320:
1319:
1314:
1307:AIB Group (UK)
1304:
1299:
1293:
1291:
1287:
1286:
1284:
1283:
1278:
1273:
1268:
1263:
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1255:
1249:
1248:
1246:
1245:
1240:
1235:
1229:
1227:
1223:
1222:
1220:
1219:
1214:
1207:
1201:
1199:
1193:
1192:
1190:
1189:
1184:
1179:
1174:
1167:
1162:
1155:
1149:
1147:
1139:
1138:
1136:
1135:
1130:
1125:
1120:
1114:
1112:
1104:
1103:
1101:
1100:
1095:
1088:
1083:
1077:
1075:
1067:
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1056:
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1040:
1039:
1034:
1031:
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1025:
1023:
1022:
1015:
1008:
1000:
991:
990:
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987:
982:
977:
972:
968:
966:
962:
961:
959:
958:
953:
948:
943:
938:
933:
928:
923:
922:
921:
916:
906:
899:
897:
893:
892:
890:
889:
883:1 Angel Square
880:
874:
872:
868:
867:
865:
864:
861:Allan Leighton
858:
851:
849:
845:
844:
842:
841:
836:
828:
821:
819:
815:
814:
812:
811:
805:
800:
795:
790:
784:
782:
778:
777:
772:
770:
769:
762:
755:
747:
741:
740:
729:
728:External links
726:
723:
722:
696:
670:
647:
621:
602:
571:
560:on 1 June 2013
545:
523:
511:
493:
491:, 12 June 2011
480:
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442:
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399:
376:
374:, No. IP29379R
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285:Butterfill Act
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116:United Kingdom
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24:
14:
13:
10:
9:
6:
4:
3:
2:
1627:
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1598:
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1593:
1591:
1588:
1586:
1583:
1581:
1578:
1577:
1575:
1560:
1556:
1554:
1551:are shown in
1550:
1549:private banks
1546:
1542:
1539:
1538:
1535:
1529:
1526:
1524:
1523:
1519:
1517:
1516:
1512:
1510:
1507:
1505:
1504:
1503:Duncan Lawrie
1500:
1498:
1495:
1493:
1490:
1488:
1487:
1483:
1481:
1480:
1476:
1474:
1473:
1469:
1467:
1464:
1463:
1461:
1455:
1449:
1448:Wesleyan Bank
1446:
1442:
1439:
1437:
1434:
1433:
1432:
1429:
1427:
1424:
1422:
1419:
1417:
1414:
1412:
1409:
1407:
1404:
1402:
1399:
1397:
1394:
1392:
1389:
1387:
1386:Reliance Bank
1384:
1382:
1379:
1377:
1374:
1372:
1369:
1367:
1366:Kent Reliance
1364:
1362:
1359:
1357:
1356:Handelsbanken
1354:
1352:
1349:
1347:
1344:
1340:
1337:
1336:
1335:
1332:
1330:
1327:
1325:
1322:
1318:
1315:
1313:
1310:
1309:
1308:
1305:
1303:
1300:
1298:
1297:Al Rayan Bank
1295:
1294:
1292:
1288:
1282:
1279:
1277:
1274:
1272:
1271:Starling Bank
1269:
1267:
1264:
1262:
1259:
1258:
1256:
1254:
1250:
1244:
1241:
1239:
1236:
1234:
1231:
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1194:
1188:
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1166:
1163:
1161:
1160:
1156:
1154:
1151:
1150:
1148:
1146:
1145:
1144:NatWest Group
1140:
1134:
1131:
1129:
1126:
1124:
1121:
1119:
1116:
1115:
1113:
1111:
1110:
1105:
1099:
1096:
1094:
1093:
1089:
1087:
1084:
1082:
1079:
1078:
1076:
1074:
1073:
1072:HSBC Holdings
1068:
1062:
1061:
1057:
1055:
1054:Barclays Bank
1052:
1051:
1049:
1047:
1046:
1041:
1037:
1032:
1028:
1021:
1016:
1014:
1009:
1007:
1002:
1001:
998:
986:
983:
981:
978:
976:
973:
970:
969:
967:
963:
957:
954:
952:
949:
947:
944:
942:
939:
937:
934:
932:
929:
927:
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920:
917:
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912:
911:
910:
907:
904:
901:
900:
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888:
884:
881:
879:
876:
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873:
869:
862:
859:
856:
853:
852:
850:
846:
840:
837:
835:
833:
829:
827:(former CRTG)
826:
823:
822:
820:
816:
809:
806:
804:
801:
799:
796:
794:
791:
789:
786:
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768:
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749:
748:
745:
737:
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731:
727:
711:
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700:
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684:
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658:
651:
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625:
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613:
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591:
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559:
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403:
400:
387:
380:
377:
373:
367:
364:
357:
355:
353:
349:
345:
341:
337:
333:
329:
325:
324:credit rating
321:
316:
309:
307:
303:
301:
297:
293:
292:Credit Suisse
288:
286:
282:
277:
275:
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38:
30:
19:
1552:
1544:
1520:
1513:
1501:
1484:
1477:
1470:
1431:Virgin Money
1416:Triodos Bank
1371:Kingdom Bank
1290:Other retail
1217:Santander UK
1209:
1169:
1157:
1142:
1107:
1098:M&S Bank
1090:
1086:HSBC UK Bank
1081:First Direct
1070:
1058:
1043:
905:(former CFS)
902:
871:Headquarters
831:
713:. Retrieved
709:
699:
687:. Retrieved
683:the original
673:
661:. Retrieved
650:
638:. Retrieved
634:
624:
616:The Guardian
615:
605:
593:. Retrieved
589:
562:. Retrieved
558:the original
548:
536:. Retrieved
526:
514:
505:
496:
488:
483:
474:
464:
445:
433:
421:
402:
390:. Retrieved
379:
366:
332:Royal London
317:
313:
304:
289:
278:
261:Sopra Steria
246:
226:
201:
200:(originally
197:
196:
133:Niall Booker
128:Richard Pym
101:Headquarters
49:Company type
1509:J.P. Morgan
1459:and private
1346:Danske Bank
1276:Tandem Bank
1211:Cater Allen
1182:Ulster Bank
1133:Lloyds Bank
975:David Sands
538:12 February
276:practices.
70:Predecessor
1574:Categories
1545:underlined
1528:Weatherbys
1411:Tesco Bank
1376:Metro Bank
1361:Hodge Bank
985:Somerfield
980:Local Plus
863:(Chairman)
788:Co-op Food
358:References
222:Manchester
130:(Chairman)
124:Key people
110:Manchester
1351:easyMoney
1302:Aldermore
1261:Atom Bank
919:Britannia
878:CIS Tower
818:Wholesale
392:27 August
388:. Reuters
348:Morrisons
249:outsource
218:CIS Tower
210:insurance
149:Insurance
106:CIS Tower
1421:TSB Bank
1317:AIB (NI)
1045:Barclays
810:(online)
453:Archived
410:Archived
141:Products
60:Industry
1553:italics
1381:Paragon
1153:NatWest
1128:Halifax
971:Alldays
663:13 July
564:22 June
320:Moody's
243:History
206:banking
178:Website
155:Revenue
145:Banking
93:Defunct
83: (
78:Founded
1205:Cahoot
848:People
781:Retail
715:5 June
689:5 June
640:5 June
595:4 June
167:Parent
1339:Smile
1329:Chase
1266:Monzo
914:Smile
834:brand
659:. BBC
259:(now
257:Xansa
233:Smile
1547:and
1543:are
1281:Zopa
839:Nisa
717:2013
691:2013
665:2013
642:2013
597:2013
566:2021
540:2012
394:2020
251:its
208:and
147:and
96:2013
85:2002
81:2002
885:at
255:to
189:.uk
187:.co
183:www
159:GBP
1576::
708:.
633:.
614:.
588:.
574:^
504:.
473:.
302:.
224:.
113:,
108:,
1019:e
1012:t
1005:v
766:e
759:t
752:v
719:.
693:.
667:.
644:.
618:.
599:.
568:.
542:.
477:.
396:.
336:£
87:)
31:.
20:)
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