The Co-operative Bank
 |
|
| Public Limited Company | |
| Industry | Banking & Finance |
| Founded | 8 November 1872 |
| Headquarters |
1 Balloon Street Manchester, United Kingdom |
|
Key people
|
Dennis Holt (Chairman) mark beresford (banker) (Chief Executive Officer) |
| Products |
Asset management Commercial banking Credit cards Loans Mortgage loans Project finance Retail banking Treasury |
 (£420 million) (2015) |
|
|
(£512 million) (2015) |
|
| Total assets |
£22.8 billion (2015) |
| Total equity |
£1.57 billion (2013) |
| Owner |
The Co-operative Group (20% stake) |
|
Number of employees
|
7,526 (2013) |
| Website | co-operativebank |
The Co-operative Bank plc is a retail and commercial bank in the United Kingdom, with its headquarters in Balloon Street, Manchester.
The bank markets itself as an ethical bank, and seeks to avoid investing in companies involved in certain elements of the arms trade, fossil fuel extraction, genetic engineering, animal testing and use of sweatshop labour as stated in its ethical policy. The ethical policy was introduced in 1992 and incorporated into the Bank's constitution in 2013. In 2002, the parent company The Co-operative Group Limited brought the bank and the Co-operative Insurance Society under the control of a newly incorporated holding society, Co-operative Financial Services, which became the Co-operative Banking Group in 2011.
As Britain's seventh biggest lender, the majority of the bank's revenue is made from interest charges on loans.
In 2013-14 the bank was the subject of a rescue plan to address a capital shortfall of about £1.9 billion. The bank mostly raised equity to cover the shortfall from hedge funds, while The Co-operative Group became a minority shareholder holding a 20% stake in the bank. In February 2017 the bank's board announced that they were "commencing a sale process" for the bank and were "inviting offers".
The Co-operative Bank came 4th in the British Bank Awards 2016.
The bank was formed in 1872 as the Loan and Deposit Department of the Co-operative Wholesale Society, becoming the CWS Bank four years later. However, the bank did not become a registered company until 1971. In 1975, the bank became the first new member of the Committee of London Clearing Banks for 40 years and thus able to issue its own cheques.
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Wikipedia