Co-op sells 1% stake - our view

The Co-operative Group has sold its remaining stake in Co-operative Bank. Here is our view on what this means.

With the sale of the Co-operative Group’s 1% stake in the Co-operative Bank, the last remaining link between the bank and its former owner has been broken.

Customer Union invites Coop Group to help build new coop stake

The Customer Union for Ethical Banking has invited the Co-operative Group to help with the creation of a new, customer owned, democratic stake in the Co-operative Bank.

Responding to a question from Save Our Bank's Shaun Fensom at the Co-operative Group's AGM on 20 May - see video - the Group chair Allan Leighton said that it was not possible for the Group to comment while the 'sale process' is underway, but confirmed that as a shareholder in the bank, the Group is focused on ensuring any buyer adheres strongly to the cooperative values we all believe in.

Co-op Bank "for sale"

The board of the Co-op Bank has announced that it is seeking new owners, while also looking at alternative ways of raising capital.

The bank has issued a statement to customers.

They gave us a similar statement:

Message from The Co-operative Bank CEO Liam Coleman

Customer Union - the first year

The Customer Union for Ethical Banking is - we think - the first ever co-operative customer union.

Customer Union draft logoWe launched in Crowdfunder campaign late in 2015 to raise funds to set the union up. That crowdfunder was very successful with some 1,500 people signing up to contribute and become a member of the Customer Union.

In the time since then, we have been busy.

Workshop on NGOs and banking sector

On 6 July, Save Our Bank, Amnesty International UK and the Fund for Global Human Rights organised a discussion meeting on the impact of bank account closures on charities and campaign groups.

The highly-productive all-day meeting was attended by representatives from some of the best-known organisations affected by account closures, smaller affected groups, and experts from more than one country on the issues of bank regulation and its effect on civil society.