In the world’s economy, bank managers and banks alike are cast into the shadows of people’s expectation. Little trust is thrown their way and rightly so, after the likes of Bob Diamond who fixed interest rates in aid of bank profits and how healthy the banking sector ‘appeared’ to be. However, amidst all of this, there remains one bank that has been a consistent and conforming beacon for banking regulation; that is the Cooperative Bank.
The Cooperative Group began from an amalgamation of regional societies creating what are known as cooperatives. The Cooperative group merged societies from London, Scotland, Yorkshire and Lancashire and began the CWS (Cooperative Wholesale Society), which is now an older name for the Cooperative Group. With a history of promoting fair competition and just ownership of shares and profits, the Cooperative Bank especially, remains one of the few banks seldom seen in scandal.
In the news today you might have seen that Cooperative Banks are to bid for a healthy £700m takeover of Lloyds TSB which own Halifax at present. With a wealth of capital, the Lloyds banking group are to quit whilst not necessarily ahead and are predicted to accept the bid. Good news yes? Yes.