Co-operative Banking Group

Not to be confused with Co-operative Legal Services.

Co-operative Banking Group Limited

Type	Business of a consumer co-operative
Predecessor	CIS (founded 1867)
Founded	2002 (2002)
Headquarters	CIS Tower, Manchester, United Kingdom
Key people	Paul Flowers, Chairman Barry Tootell, Acting Chief Executive
Industry	Financial Services
Products	Banking and Insurance
Revenue	GBP 1,116.7 million
Website	cfs.co.uk

Co-operative Banking Group Limited, formerly Co-operative Financial Services, is a wholly owned subsidiary of Co-operative Group Ltd. in the United Kingdom.^[1] Established in 2002; head office is located at the former CIS Tower known as Miller Street, Manchester.

It is mainly known through its two main subsidiaries: The Co-operative Bank (incorporating Smile, the first full internet bank) and the Co-operative Insurance Society. 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. In 2007, the Group agreed to outsource its information systems to Xansa (now Steria).

History

In 2008, Co-operative Financial Services was Business in the Community's Company of the Year, having been recognised at their Awards for Excellence 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 workplace, the environment and the community, through leadership and integration of its corporate responsibility practices.^[2]

On 21 January 2009, Co-operative Financial Services and Britannia Building Society proposed a merger, with the new 'super-mutual' being brought under the stewardship of The Co-operative Group.^[3] On 29 April 2009 the merger, the first under the so-called Butterfill Act (2007 cap. 26), 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.^[4][5]

As of June 2011, Co-operative Financial Services was reported to be close to appointing Credit Suisse to advise it on a potential bid for the 600+ branches, and a large chunk of mortgage business, that Lloyds Banking Group was ordered to sell by the European Commission.^[6]

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 reason for the change. ^[7] In September 2011, Co-operative Financial Services Limited became the Co-operative Banking Group.

See also

• Unity Trust Bank

References

1. ^ Registered in England and Wales under the Companies Act 1985, No. IP29379R
2. ^ Company of the Year 2008 Business in the Community (retrieved 2 February 2009)
3. ^ Britannia and Co-op are to merge BBC News, 21 January 2009 09:46 GMT
4. ^ Merger Creates Powerful Force in Financial Services Britannia Media Centre, 3 August 2009
5. ^ New-look CFS ready to take on the banks Co-operative News, 4 August 2009
6. ^ Lloyds prepares to axe another 15,000 jobs, The Sunday Times, 12 June 2011
7. ^ http://www.co-operative.coop/corporate/Press/Press-releases/CFS/Neville-Richardson-to-leave-Co-operative-Financial-Services/ Co-operative News, 22 July 2011

External links

• Co-operative Banking Group