The deal will give the building society millions of customers and about £89 billion in assets. First announced in May, the acquisition is expected to complete on 1 January 2025 after Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) approval.
The process of joining the two is expected to take several years, with the both retaining their separate licenses initially.
This marks a return by the Co-operative to a mutual structure, rather than shareholders and investors.
In a statement the Co-operative Bank said all products and services remain the same for their customers. Co-operative customers will eventually become Coventry Building Society members.
Co-operative Bank has about 2.5 million retail and business customers, and 50 branches. Coventry Building Society currently manages about £50 billion in mortgages and £48 million in savings.
Nick Slape, Co-operative Bank CEO said: “We are pleased to achieve this significant milestone in bringing together both businesses which share a powerful mutual / co-operative heritage. The combined business will provide improved products, value and service for existing and new customers.”
