Welcome to this short November newsletter from the Customer Union for Ethical Banking, the independent union for customers of The Co-operative Bank and Coventry Building Society.
In this month's newsletter, we welcome clarity on ethics and the merger, and share a reminder of our Gathering on 21st November. See you there!
Clarity from the bank on ethics and the merger
In response to concerns from the Customer Union, the Co-op Bank has updated its FAQ on its merger with Coventry Building Society. We said in our most recent newsletters that we were disappointed not to see clarity on whether and when the bank’s Ethical Policy will apply across the merged organisation. The FAQ now addresses this, saying:
“As a Group, we remain committed to The Co-operative Bank’s Ethical Policy. We are currently in the process of putting in place the commitments and governance that will ensure the Ethical Policy is protected and integrated into our governance when the Bank legally transfers to the [Coventry Building Society] Group in 2027.
Bringing together the Society and the Bank was always about more than scale, it was about two values-driven organisations joining forces. As a certified B Corp, the Society is well placed to adopt the ethical standards of The Co-operative Bank. In 2027, members will be invited to take part in a consultation process that will lead to the launch of an updated Ethical Policy, reflecting the ethics and principles of both our Group and you, our members.”
W
e’re pleased the bank responded to our concerns, and has confirmed in writing for the first time the bank’s Ethical Policy will apply to the Coventry Building Society as well. A new consultation process in 2027 is also a great opportunity for the bank to introduce its customer-led approach and clear stance on issues from the arms trade to factory farming to a wide new audience.
Our AGM and Gathering: coming soon!
Please register here to join our AGM and Gathering online on Saturday 21st November. We’re looking forward to hearing from Maria Cearns, Chief Operating Officer at the Co-op Bank, and perhaps getting some insights into the bank’s approach to its planned Ethical Policy consultation next year. We’ll be updating you on this year at the Customer Union, and the ethical issues we are hearing about most from our members which we’d like to see the bank taking on.
We start at 11am with the AGM for formal business (members only), and continue at 12pm with the Gathering (members and supporters).
11.00am - 11.45am: AGM. The annual general meeting (AGM) of the Customer Union for Ethical Banking, open to members only. See the AGM agenda here. If you are not a member, you can join the Union here for only £15 a year.
12.00 noon - 1.00pm: Gathering. The Gathering is open to all members and supporters of the Customer Union. See the Gathering agenda here.
Registration for both is via the same link. We look forward to seeing you there, whether for one or both meetings.
That’s all for this month’s newsletter; thank you as ever for reading and supporting the Union.
With best wishes,
The Customer Union team
Have you joined the Customer Union yet? It costs £15 a year to be a member of the first ever customer union co-operative, and help us ensure the Co-op Bank sticks to its principles. We also welcome Coventry Building Society members. It only takes a few moments to sign up here.
This version of the newsletter was modified following clarification from the bank on the integration process and timing.
