Coventry agrees potential merger of rival lender Co-op Bank for £780 million

Coventry Building Society have agreed to the potential merger of the Co-op Bank of r up to £780 million.

If the deal goes ahead then it will bring a combined balance sheet of £89 billion, meaning they will be the largest in the savings and mortgage market.

The chief executive of Coventry Building Society, Steve Hughes, this is an “exciting moment” for the company.

He added, “The Co-operative Bank is a financially stable, profitable organisation with a shared heritage and products and services that complement our own.

“We’re confident that we have the people, capability and the financial strength to bring both organisations together successfully over a number of years.”