Co-operatives UK has welcomed the Co-operative Bank into membership.
The Bank joins a number of other financial providers at the apex body including Nationwide, Unity Trust and Ecology Building Society.
At the end of last year, the Bank changed its ownership structure from being wholly owned by the Co-operative Group to a 30% stake following the discovery of a £1.5bn capital hole. At this time the Bank’s board and executive took steps to ensure that co-operative values and ethics were preserved within the Bank’s constitution.
Ed Mayo, secretary general of Co-operatives UK, said: “We are working closely with the Co-operative Bank through this period of substantial change and are pleased they are joining in with the wider co-operative movement through their membership.
“Both teams at Co-operatives UK and the Co-operative Bank are committed to working together to reflect good practice in the use of the co-operative name and the implementation of co-operative values.”
Niall Booker, chief executive of the Co-operative Bank, commented: “Co-operative values and ethics are at the heart of our bank. While much has changed, our commitment to this has not.
“Indeed, working with the wider co-operative and mutual sector, and adhering to co-operative and ethical values is fundamental to our overall business plan to return the Co-operative Bank to its roots as a smaller, efficient bank focused on serving individuals and small and medium sized businesses.”