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Coventry Building Society set to buy Co-op Bank in £780m deal

Coventry Building Society is set to buy The Co-operative Bank after the pair agreed terms on a deal that would value the lender at as much as £780 million.

The two sides have been in exclusive talks since mid-December after the hedge funds and private equity firms that own Co-op Bank put it up for sale last autumn. The pair said on Thursday that discussions were “well advanced” and that they were “working together to enter into definitive agreements in due course”.

A combination of the two would create a group with an £89 billion balance sheet and would considerably expand Coventry’s operations. The building society is focused on savings and mortgages and acquiring the bank would take it into personal current accounts and business

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