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The Co-operative Bank signs recognition agreement with union of customers

The Co-operative Bank has strengthened its position as a key player in ethical banking signing a formal recognition agreement with The Customer Union for Ethical Banking, an independent organisation representing thousands of Co-operative Bank customers concerned about the UK’s social and environmental issues.

Rob Harrison from the Customer Union said: 

In its report on trading in the nine months to September 2019, the Co-operative Bank pointed to "Balance sheet growth driven by resilient mortgage performance" and "Underlying profit £2.3m year to date with core income in line with 2018".

However at £118.6m, losses were actually up 36% on the same three quarters in 2018. The bank pointed to its £60m 'PPI charge' as being the cause. This is the provison that the bank makes to allow for pay outs on payment protection insurance claims, and follows the final deadline for claims to be submitted. Other banks have experienced very high volumes of last minute claims.

We asked the bank to comment and they said:

In a courageous move the Co-operative Bank offered support for the global Climate Strike.

Bank employees were encouraged to attend the protests on 20 September and the bank tweeted from the demo in Manchester.

Before the strike the bank issued the following statement:

Why The Co-operative Bank is supporting the Global Climate Strike

13 September 2019

The Co-op Bank has entered into a new partnership with Amnesty International UK to train human rights activists.

Rise Up was launched on 13 September 2019. Following its welcome return to campaigning in 2016 with My Money, My Life (in partnership with Refuge on financial abuse in intimate relationships), this is another sign that the bank sees campaigning work as an important element in its ethical stance.

The Co-op Bank has won the 'most trusted mainstream bank' award at the Moneywise Customer Service Awards 2019.

The award was voted for by 32,000 people from across the UK, making it one of the largest surveys of financial consumers in the country.
 
Andrew Bester, Chief Executive of the bank said of the award win:

The Co-op Bank is one of three banks (along with Nationwide and Investec) to win grant funding as part of the 'state aid remedy' for the government bail-out of RBS.

The grant of £15m will be used to reinforce the Co-op's proposition for SMEs - including improved digital service.

The bank has emphasised to the Customer Union that this grant will help it strengthen the proposition to cooperatives and third-sector customers. Speaking to the Customer Union, the bank told us:

The Co-operative Bank has refreshed its image with a new campaign based on the notion of 'People with Purpose', and led with a TV ad you can view here

The Co-op Bank has named Andrew Besteras its new Chief Executive. This news was followed by an announcement that the bank’s chief finance officer will also be stepping down.