| Type | Business of a consumer co-operative |
|---|---|
| Predecessor | CIS (founded 1867) |
| Founded | 2002 |
| Headquarters | CIS Tower, Manchester, United Kingdom |
| Key people | Paul Flowers (Chairman) Barry Tootell (Acting Chief Executive) |
| Industry | Financial Services |
| Products | Banking and Insurance |
| Revenue | GBP 1,116.7 million |
| Website | co-operativebankinggroup.co.uk |
Co-operative Banking Group Limited (formerly Co-operative Financial Services) is a UK-based banking and insurance company and a wholly owned subsidiary of Co-operative Group.[1] Established in 2002; head office is located at the former CIS Tower known as Miller Street, Manchester.
It is mainly known through its two main subsidiaries: The Co-operative Bank (incorporating Smile, the first full internet bank) and the Co-operative Insurance Society. Co-operative Financial Services was formed as a holding company to bring these financial subsidiaries together under one umbrella society and to enable synergies between the businesses to be exploited.
In 2007, the Group agreed to outsource its information systems to Xansa (now Steria). In 2008, Co-operative Financial Services was Business in the Community's Company of the Year, having been recognised at their Awards for Excellence gala dinner for making sustainable development a top priority in how it operates and in the products and services offered to its customers. They also won an Impact on Society Award, given to companies that are improving their business and their overall impact on society in the marketplace, the workplace, the environment and the community, through leadership and integration of its corporate responsibility practices.[2]
On 21 January 2009, Co-operative Financial Services and Britannia Building Society proposed a merger, with the new 'super-mutual' being brought under the stewardship of The Co-operative Group.[3] On 29 April 2009 the merger, the first under the so-called Butterfill Act (2007 cap. 26), was agreed by Britannia members. On 1 August 2009 Britannia Building Society was legally dissolved and Neville Richardson, its last Chief Executive, became Chief Executive of the enlarged CFS.[4][5]
As of June 2011, Co-operative Financial Services was reported to be close to appointing Credit Suisse to advise it on a potential bid for the 600+ branches, and a large chunk of mortgage business, that Lloyds Banking Group was ordered to sell by the European Commission.[6]
In July 2011, the chief executive Neville Richardson was replaced by Barry Tootell, who became acting chief executive of Co-operative Financial Services. Peter Marks, chief executive of Co-operative Financial Services' parent company The Co-operative Group cited Neville's desire to step down as the reason for the change. [7] In September 2011, Co-operative Financial Services Limited became the Co-operative Banking Group.
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