Bank joins Co-operatives UK

The Co-operative Bank has joined Co-operatives UK - the federal body for UK Co-operatives.

The surprise move suggests that the bank is keen to show its support for co-operative values and principles, albeit while only being 20% co-operatively owned. The bank was never actually structured as a co-operative in its own right - until December 2013 it was 100% owned by The Co-operative Group, which is a founding member of Co-operatives UK.

Ed Mayo, Secretary General of Co-operatives UK, said: “We are working closely with The Co-operative Bank through this period of substantial change and are pleased they are joining in with the wider co-operative movement through their membership. 

“Both teams at Co-operatives UK and The Co-operative Bank are committed to working together to reflect good practice in the use of the co-operative name and the implementation of co-operative values.”

Niall Booker, Chief Executive of The Co-operative Bank, commented: “Co-operative values and ethics are at the heart of our bank. While much has changed, our commitment to this has not.

“Indeed, working with the wider co-operative and mutual sector, and adhering to co-operative and ethical values is fundamental to our overall business plan to return The Co-operative Bank to its roots as a smaller, efficient bank focused on serving individuals and small and medium sized businesses.”

Comments

I'd heard that Handelsbanken, like TSB, is interested in being a staff-owned co-op and wondered if they had achieved it and if so how. I am no expert and just someone who googles and posts the first link, but it looks as though they are on their way. Maybe this will interest some co-op bank staff and customers:
http://globalceo.com/the-swedish-bank-that-is-not-all-money-money-money/

 

 

I just google and post; I am no expert. But if there is some kind of tipping-point beyond which a firm is likely to become a staff partnership, TSB has not yet passed it:
http://www.thenews.coop/87123/news/general/project-verdes-reverse-gear/