Co-operative Banking Group
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| Limited company owned by a consumer co-operative | |
| Industry | Financial Services |
| Predecessor | CIS (founded 1867) |
| Founded | 2002 |
| Headquarters | CIS Tower, Manchester, United Kingdom |
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Key people
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Richard Pym (Chairman) Niall Booker (Chief Executive) |
| Products | Banking and Insurance |
| Revenue | GBP 1,116.7 million |
| Parent | The Co-operative Group |
| Website | www |
Co-operative Banking Group Limited (formerly Co-operative Financial Services) is a UK-based banking and insurance company and a wholly owned subsidiary of The Co-operative Group. Established in 2002; its head office was located at the former CIS Tower known as Miller Street, Manchester.
It was mainly known through its two main subsidiaries: The Co-operative Bank (incorporating Smile, the first full internet bank in the UK) and The Co-operative Insurance. 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, eventually retaining a 30% stake. As a result, the group was reorganised, and the banking group structure was discontinued.
In 2007, the Group agreed to outsource its information systems to Xansa (now Steria (now Sopra Steria)). 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.
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. On 29 April 2009 the merger, the first under the so-called Butterfill Act, 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.
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Wikipedia