Home Money The Cooperative Bank prepares to return to mutual ownership

The Cooperative Bank prepares to return to mutual ownership

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Moving on: The Co-operative Bank hopes to complete a £780m deal to be bought by rival lender Coventry Building Society in early 2025

The Co-operative Bank has revealed a decline in profits but hailed 2024 as a “historic” year as it prepares to return to mutual ownership through its merger with Coventry Building Society.

It reported a pre-tax profit of £24.2m for the first six months of the year, half the £61.8m reported at this time last year.

This comes as the impact of higher borrowing costs begins to fade for banks, which had been charging more for loans.

Moving on: The Co-operative Bank hopes to complete a £780m deal to be bought by rival lender Coventry Building Society in early 2025

But the lender welcomed the completion of its transformation plan which included staff cuts and a £100m IT simplification project.

A £780m deal to be bought by rival lender Coventry Building Society is expected to be completed in early 2025.

The major deal will create a group with millions of customers and around £89bn in assets.

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