The Co-operative Banking Group
Co-operative Banking Group Limited (originally Co-operative Financial Services) was a UK-based banking and insurance company and a wholly owned subsidiary of The Co-operative Group. Established in 2002, its head office was located at the CIS Tower, Miller Street, Manchester.
| Company type | Limited company owned by a consumer co-operative |
|---|---|
| Industry | Financial services |
| Predecessor | CIS (founded 1867) |
| Founded | 2002 |
| Defunct | 2013 |
| Headquarters | , |
Key people | Richard Pym (Chairman) Niall Booker (Chief Executive) |
| Products | Banking and Insurance |
| Revenue | GBP 1,116.7 million |
| Parent | The Co-operative Group |
| Website | www |
It was mainly known through its two main subsidiaries: The Co-operative Bank (incorporating Smile, the first full internet bank in the UK) and The Co-operative Insurance. 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. Following the Co-operative Bank's financial crisis in 2013, the group sold a majority of shares in the business, retaining a 20% stake. As a result, the group was reorganised, and the banking group structure was discontinued.