1. Formation of The Co-operative Financial Services (2002)
In 2002, the Co-operative Group brought the Bank and CIS under the control of a newly incorporated holding society, Co-operative Financial Services Limited (CFS), to enable synergies to be exploited between the businesses and widen the customer base for each operation. The Co-operative Group wholly owns CFS.
2. Corporate Restructuring (2006)
In January 2006 CIS' life and general insurance businesses were separated and new entities established, creating a corporate structure representing good practice for composite financial services groups. At this time the management of all the companies was aligned to ensure a common understanding of goals.
CISGIL and CIS
On 15 January 2006, CIS Ltd split its life and general insurance businesses into two separate entities and a new Industrial and Provident Society was established - CIS General Insurance Limited (CISGIL) – within which all new and renewing general insurance business is now being written.
All existing CIS general insurance business is now reinsured with CISGIL and CIS Ltd will in future continue to write long-term savings and insurance business only.
CISGIL is a wholly owned subsidiary of The Co-operative Banking Group Ltd and a sister Company of CIS Ltd and the Co-operative Bank plc. It is authorised to carry out general insurance business by the FSA.
CFS Management Services Ltd (CFSMS) was created on 15 January 2006 to provide common support services to CIS and CISGIL.
CFS Services Ltd is the subsidiary through which banking products are distributed by the CIS Sales force. Ownership of this subsidiary was also transferred from CIS to CFS Limited on 15 January 2006.
3. Co-operative Group & United Co-operatives Merger (2007)
On 29 July 2007, the trading businesses of the Co operative Group and United Co-operatives merged to form the Co-operative Trading Group, following the members of both societies voting overwhelmingly in support of the merger in May.
The enlarged Society is the largest consumer co-operative in the world with an annual turnover of now more than £14 billion, over 5000 stores and branches, 87,000 employees and 4.5 million members. The financial strength of the enlarged Society benefits members, employees and customers. The merger better enables the new organisation to effectively manage the co-operative brand – one of the most trusted in the UK – across all its business activities.
4. Co-operative Bank PLC & Britannia Merger (August 2009)
The merger between Co-operative Bank PLC and Britannia Building Society was formally completed on 1 August 2009. From this date, all previous subsidiaries of Britannia Building Society have become subsidiaries of Co-operative Bank.
The merger will create a trusted and ethical alternative to shareholder-owned banks, through the most diverse financial mutual in the UK. The new organisation will have a robust capital position, excellent liquidity and funding, underpinned by strong underlying profits.
Britannia becomes part of The Co-operative Bank and brings together Britannia’s extensive high street presence and savings and mortgage product strength, with our personal and corporate banking, insurance and fund management expertise. The new business will have:
- More than £70 billion of assets
- Nine million customers
- More than 12,000 employees
- More than 300 branches
- 20 corporate banking centres
The merger will create a large financially strong and well diversified mutual business, operating in both retail and corporate markets; providing customers with a greater choice of products through diverse distribution channels. As part of the Co-operative Group, the new business will be characterised by its unique ethical and member reward policies and very high levels of customer advocacy.
5. The Co-operative Banking Group (September 2011)
In 2011 The Co-operative Financial Services rebrands as The Co-operative Banking Group, incorporating The Co-operative Bank (including smile and Britannia), The Co-operative Insurance and The Co-operative Investments.