Co-operative Banking Group
|Type||Business owned by a consumer co-operative, although not a cooperative in itself.|
|Predecessor||CIS (founded 1867)|
|Headquarters||CIS Tower, Manchester, United Kingdom|
|Key people||Paul Flowers (Chairman)
Barry Tootell (Chief Executive)
|Products||Banking and Insurance|
|Revenue||GBP 1,116.7 million|
Co-operative Banking Group Limited (formerly Co-operative Financial Services) is a UK-based banking and insurance company and a wholly owned subsidiary of Co-operative Group. Established in 2002; head office is located at the former CIS Tower known as Miller Street, Manchester.
It is mainly known through its two main subsidiaries: The Co-operative Bank (incorporating Smile, the first full internet bank in the UK) and the Co-operative Insurance Society. Co-operative Financial Services was formed as a holding company to bring these financial subsidiaries together under one umbrella society and to enable synergies between the businesses to be exploited.
In 2007, the Group agreed to outsource its information systems to Xansa (now Steria). In 2008, Co-operative Financial Services was Business in the Community's Company of the Year, having been recognised at their Awards for Excellence gala dinner for making sustainable development a top priority in how it operates and in the products and services offered to its customers. They also won an Impact on Society Award, given to companies that are improving their business and their overall impact on society in the marketplace, the workplace, the environment and the community, through leadership and integration of its corporate responsibility practices.
On 21 January 2009, Co-operative Financial Services and Britannia Building Society proposed a merger, with the new 'super-mutual' being brought under the stewardship of The Co-operative Group. On 29 April 2009 the merger, the first under the so-called Butterfill Act (2007 cap. 26), was agreed by Britannia members. On 1 August 2009 Britannia Building Society was legally dissolved and Neville Richardson, its last Chief Executive, became Chief Executive of the enlarged CFS.
As of June 2011, Co-operative Financial Services was reported to be close to appointing Credit Suisse to advise it on a potential bid for the 600+ branches, and a large chunk of mortgage business, that Lloyds Banking Group was ordered to sell by the European Commission.
In July 2011, the chief executive Neville Richardson was replaced by Barry Tootell, who became acting chief executive of Co-operative Financial Services. Peter Marks, chief executive of Co-operative Financial Services' parent company The Co-operative Group cited Neville's desire to step down as the reason for the change.  In September 2011, Co-operative Financial Services Limited became the Co-operative Banking Group. In December 2011 Lloyds Banking Group announced that Co-operative Banking Group was its preferred bidder for the assets which it was selling to comply with EU competition regulations, and that the two parties would be entering into exclusive talks.
As of 24th April 2013, The Co-operative Group announced that it has withdrawn from the process currently being run by Lloyds Banking Group for the disposal of branch assets (“Verde”) after The Co-operative Group and The Co-operative Bank plc Boards decided that it was not in the best interests of the Group’s members to proceed further at this time. 
- Registered in England and Wales under the Companies Act 1985, No. IP29379R
- Company of the Year 2008 Business in the Community (retrieved 2 February 2009)
- Britannia and Co-op are to merge BBC News, 21 January 2009 09:46 GMT
- Merger Creates Powerful Force in Financial Services Britannia Media Centre, 3 August 2009
- New-look CFS ready to take on the banks Co-operative News, 4 August 2009
- Lloyds prepares to axe another 15,000 jobs, The Sunday Times, 12 June 2011
- http://www.co-operative.coop/corporate/Press/Press-releases/CFS/Neville-Richardson-to-leave-Co-operative-Financial-Services/ Co-operative News, 22 July 2011
- "Lloyds names Co-op as preferred buyer of bank branches". BBC News. 14 December 2011. Retrieved 12 February 2012.