op Bank for 780 mln pounds

Virgin Money UK

18/04/2024 15:20

(Adds deal details and background in paragraphs 2-4)
       April 18 (Reuters) - Coventry Building Society has
offered to buy Britain's Co-operative Bank for 780 million
pounds ($970.9 million) in cash, the companies said on Thursday.
    Discussions on the terms of the transaction are well
advanced, the companies said, adding that they are working to
enter into definitive agreements.
    The potential acquisition would create a combined group with
a pro-forma balance sheet of 89 billion pounds as at Dec. 31,
according to the companies.
    Co-op Bank, which lends to consumers and small- and
medium-sized businesses, said late last year that it was in
exclusive discussions with Coventry Building Society with a view
to a possible merger, following a number of non-binding offers
from potential bidders.
    
 ($1 = 0.8034 pounds)

 (Reporting by Eva Mathews in Bengaluru; Editing by Shounak
Dasgupta)
 ((Eva.Mathews@thomsonreuters.com))