What is happening with Coventry Building Society?

Coventry Building Society agreed to acquire Co-operative Bank in 2023, in a deal that would make it one of the largest building societies in the UK. The transaction is subject to regulatory approval from the FCA and PRA. If completed, the combined entity would serve millions of customers and represent a significant expansion of the mutual sector in UK retail banking — bringing Co-op Bank back into mutual ownership after its 2017 sale to hedge funds.

What does the Coventry Building Society and Co-op Bank deal mean for customers?

Existing Co-op Bank customers would see their accounts migrate to the combined entity following regulatory approval and integration. Savings and mortgage rates are expected to be maintained during the transition period. For Coventry Building Society members, the acquisition would expand product range and digital banking capabilities. Both institutions have stated their intention to maintain Co-op Bank’s ethical banking values under the new combined structure.

Is Coventry Building Society linked to any other bank?

Coventry Building Society is an independent mutual — it is not owned by any bank and is not linked to Lloyds, Barclays, or any other financial institution. As a building society, it is owned by its members (customers who hold accounts with it). It is regulated by both the FCA and PRA and FSCS-protected. Its acquisition of Co-op Bank would be financed from its own capital rather than through external bank ownership.

Open Banking in Practice: Coventry Building Society supports open banking and provides API access for FCA-regulated third parties. Building societies are included in the UK’s open banking framework, and Coventry customers can connect accounts to authorised financial management apps. The proposed acquisition would not affect existing open banking connections during the transition period. Read our coverage of the mutual banking sector on openfuture.world.

FAQ

Is Coventry Building Society safe?

Yes — Coventry Building Society is FCA and PRA-regulated, and deposits are FSCS-protected up to £85,000; it is one of the UK’s largest and most financially sound building societies.

What bank sort code is 40 63 01?

Sort code 40-63-01 is associated with HSBC UK; sort codes beginning 40 are typically HSBC. Verify via your bank’s sort code checker or at sort-code-checker.co.uk.

Which building societies support open banking?

All major UK building societies, including Nationwide, Yorkshire, and Coventry, support open banking API access for FCA-authorised third-party providers.