The Co-operative Bank PLC is to be taken over by Coventry Building Society, the latter announced on Thursday
Under the £780 million takeover Coventry will buy Co-op Bank after over three months of exclusive talks between the two.
The combined group would have a pro forma balance sheet of £89 billion, Coventry said in a statement, with the acquisition expected to take years to complete.
“This is an exciting moment for the society,” Coventry chief executive Steve Hughs commented.
“The Co-operative Bank is a financially stable, profitable organisation with a shared heritage and products and services that complement our own.”
It is unclear whether Coventry will give members a chance to vote on the deal, with Sky-quoted sources previously highlighting concerns over delays and uncertainty.
Shareholders are set to attend its annual general meeting next week, however, likely bringing questions over member votes into the spotlight.
Nationwide Building Society has faced scrutiny in recent weeks over the decision not to give members a say on its proposed £3 billion acquisition of Virgin Money.