The transaction is set to complete on 1 January 2025 and the combined group will be headed by Stephen Hughes as chief executive and Lee Raybould as CFO.
David Thorburn will be chair.
Coventry Building Society’s existing capital will fund the cash consideration of £780m for Co-op Bank.
There will be no immediate changes to the capital structure of Co-op Bank or the combined group as a whole, the mutual confirmed.
After the completion, the mutual and the bank intend to “simplify and align” their capital structures over time.
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When the acquisition was announced, Coventry Building Society said this would allow the mutual to “leverage its financial scale” and “diversified funding base” to invest in its branches and customer services and broaden its footprint.
It also plans to remain a mutual.
Co-op Bank will gradually integrate into the mutual.
Upon completion, Co-op Bank will become a subsidiary of Coventry Building Society, and each will retain their respective banking licences so customers will have the same protection from the Financial Services Compensation Scheme (FSCS).
Earlier this week, Co-operative Bank announced it would return £90m to shareholders today.
