CO-OPERATIVE BANK

Co-Operative Bank



THE CO-OPERATIVE BANK P.L.C.

Overview

The Co-operative Bank PLC is a private financial company that operates as a national commercial bank principally in the United Kingdom. The business was incorporated in 1872. The registered headquarters of the company is located in Manchester, United Kingdom.

The Co-operative Bank, together with its subsidiaries, provides the following financial products and services: Personal Banking, which consists of current accounts, savings and investments, mortgages, loans, credit cards, and protection and insurance; Business Banking, which is composed of current accounts, deposit accounts, business insurance, charge and debit cards, lending, and community banking; and Corporate Banking, which involves relationships banking, corporate treasury sales, ecological financial services, as well as money transmission services, payments and cash management, deposit accounts and investments, and international banking.

Co-operative Bank serves it clients through more than 140 branches located across the United Kingdom. The company operates as a principal subsidiary of Co-operative Group Limited, the largest consumer co-operative in the United Kingdom.

The Co-operative movement

The Co-operative Bank, while one of the clarifying banks in the UK, operates in a unique latest trend in that is is belongs to by the Co-operative Wholesale humanity (CWS) and hence is banker to the Co-operative Movement. The development of the Bank has been powerfully leveraged by its association with the Movement.

The sources of the action itself have been well documented, (Bonner, 1961; Davis and Worthington, 1993). While co-operative societies had lived before the Rochdale Pioneers, the latter are considered as the founders of the first model co-operative society. This time span seen the transformation from the domestic to the factory scheme with “workers glimpsed as hands”, to which the employer had little obligation. The natural natural environment was one of rough dwelling conditions and inadequate buyer defence, with adulterated food being facilitated by the practice of “truck” (the payment of employees in kind). Workers responded to this in different ways: one response was unionism; another was co-operatism - where workers connected simultaneously to buy rudimentary foods on behalf of their constituents and a share of the earnings (or surplus in co-operative terminology) was returned to members in percentage to their buys - the bonus (or “divi” as it later became known). Hence the co-operatives differed in both structure and objectives from accepted businesses (Birchell, 1994).

The co-operative retail societies were associations set up to supply their members on a mutual basis with the rudimentary necessities of life, with surplus being circulated as documented above. However, the pioneers of the action had much broader concerns than only that of being a distributive association for consumer interest, and had broader aspirations, such as engagement in retail trade, wholesale redistribution, organized buying and output, shipping, banking and protection (Co-operative Bank, 1963).

The CWS was formed in 1863 as the constructing and trading arm of the Co-operative Movement. The establishment of the CWS was inspired both because of a reluctance by traders to provide co-operative shops and a conviction in the benefit of large-scale buying. The CWS then determined it should make its ...