Coventry Nears Deal to Buy UK’s Co-Op Bank for £780 Million
- Building society says offer wouldn’t require a member vote
- An acquisition would be the latest UK banking deal this year
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Coventry Building Society has agreed to pay £780 million ($971 million) for Co-Operative Bank, the latest sign of consolidation among British lenders.
Non-binding terms have been agreed for an all-cash acquisition of Co-Op Bank, according to a statement Thursday. Discussions are “well advanced” and “the parties are working together to enter into definitive agreements,” while noting an acquisition may still not occur.