Coventry Building Society buys Co-op Bank for £780m

Both brands will stay on the high street during the time it takes to join them together, but said there will “inevitably be change over time.”

Eventually they want Co-op Bank customers to become Coventry society members.

Coventry Building Society said it would benefit from having more customers, mortgage and savings balances, a wider set of finance products including current accounts, and more branches spread across the country.

It said it “considered carefully” whether to give its members the chance to vote over the acquisition, but had “conclusively determined” that it was not required.

“In coming to this decision, the CBS (Coventry Building Society) board has been informed by member surveys and focus groups which clearly signalled their priorities as maintaining our value proposition and service quality,” the business said.