The £780 million deal, announced in May, will see the Co-op Bank return to its roots as a mutual organisation, owned by members rather than shareholders.

Both brands will continue to operate independently while the integration process, expected to take several years, is underway. The Co-op Bank, with 2.5 million customers and 50 branches, will become a subsidiary of Coventry Building Society from 1 January 2025.

This strategic move expands Coventry Building Society’s reach into current accounts and business banking, complementing its existing strength in mortgages and savings. Ultimately, Co-op Bank customers will transition to become members of Coventry Building Society.