Co-operative Financial Services
Encyclopedia
Co-operative Banking Group Limited, formerly Co-operative Financial Services, is a wholly owned subsidiary of Co-operative Group Ltd. in the United Kingdom
. 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
).
'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.
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. 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.
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
.
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. In September 2011, Co-operative Financial Services Limited became the Co-operative Banking Group.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. Established in 2002; head office is located at the former CIS Tower known as Miller Street, Manchester
Manchester
Manchester is a city and metropolitan borough in Greater Manchester, England. According to the Office for National Statistics, the 2010 mid-year population estimate for Manchester was 498,800. Manchester lies within one of the UK's largest metropolitan areas, the metropolitan county of Greater...
.
It is mainly known through its two main subsidiaries: The Co-operative Bank (incorporating Smile
Smile (bank)
Smile, or smile.co.uk, is a British internet bank, and a trading division of The Co-operative Bank. It was established as the UK's first full internet bank in 1999. Other banks, like Egg and First-e, had opened in previous years but Smile was the first to offer full-service current accounts,...
, 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
Information systems
Information Systems is an academic/professional discipline bridging the business field and the well-defined computer science field that is evolving toward a new scientific area of study...
to Xansa
Xansa
Xansa plc, trading as Xansa, was a British outsourcing and technology company, and was quoted on the London Stock Exchange until 17 October 2007 when the purchase of Xansa by Steria was completed and the company was delisted. Its headquarters were in Reading, Berkshire, England, and it had a major...
(now Steria
Steria
Steria delivers IT enabled business services, focusing on key vertical market sectors: public services, finance, telecommunications, utilities and transport. The company provides consulting services for its clients' core business processes, and also develops and operates their information...
).
History
In 2008, Co-operative Financial Services was Business in the CommunityBusiness in the Community
Business in the Community is a British business-community outreach charity promoting responsible business, CSR, corporate responsibility, and is one of the Prince's Charities of Charles, Prince of Wales....
'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.
On 21 January 2009, Co-operative Financial Services and Britannia Building Society
Britannia Building Society
The Britannia is a financial services institution and trading name of the Co-operative Bank Plc in the United Kingdom.Before the merger with the Co-operative, Britannia was a mutual building society, with headquarters in Leek, Staffordshire...
proposed a merger, with the new 'super-mutual' being brought under the stewardship of The Co-operative Group. 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.
As of June 2011, Co-operative Financial Services was reported to be close to appointing Credit Suisse
Credit Suisse
The Credit Suisse Group AG is a Swiss multinational financial services company headquartered in Zurich, with more than 250 branches in Switzerland and operations in more than 50 countries.-History:...
to advise it on a potential bid for the 600+ branches, and a large chunk of mortgage business, that Lloyds Banking Group
Lloyds Banking Group
Lloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...
was ordered to sell by the European Commission
European Commission
The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and the general day-to-day running of the Union....
.
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. In September 2011, Co-operative Financial Services Limited became the Co-operative Banking Group.