Unity Trust Bank
 | |
| Company type | Public limited company |
|---|---|
| Industry | Financial services |
| Website | unity |
Unity Trust Bank plc provides specialist banking services to trade unions, charities and other organisations that operate in the not-for-profit sector in the United Kingdom and (since December 2015) its remit has expanded to include profit-with-purpose businesses. Founded in 1984; head office is located at Nine Brindleyplace, Birmingham.
History
Originally a licensed deposit taking institution, Unity Trust Limited acquired full status as a bank in 1987.[1][2]
Ownership
Historically, Unity Trust Bank was majority owned by individual trade unions and federations (73.23%) and The Co-operative Bank owned the remainder (26.7%) through its subsidiary, Co-operative Commercial Limited.[1] In December 2015, Unity bought back shares from Co-operative Commercial Limited, which reduced The Co-operative Bank's holding to 6.7%.[3]
Unity Trust's new articles of association redesignated all shares into a single class, all ranking pari passu, and removed the different rights of the old classes and created additional shares. As a result, new shareholders have invested in Unity and the Co-operative Bank no longer have a controlling interest in Unity Trust or the right to appoint directors.[4]
The Co-operative Bank's stake was put up for sale in early 2014 in an attempt to restore profitability following a capital shortfall, which resulted in a rescue by its bond holders – led by US hedge funds – and the parent Co-operative Group ceding control.[5]
Activities
In its founding principles, the bank was established as “an organisation identified with and embracing the philosophy of the common good.” It promotes a socially responsible and sustainable approach to banking and lending.[6] Unity Trust Bank was rated top in eight out of nine customer satisfaction categories in the Charity Finance Banking Survey 2015.[7]
In 2013, it became the first British bank to be awarded the Living Wage Employer Accreditation Mark.[8]
The bank's clearing agent was the Co-operative Bank until 2015, when it changed to National Westminster Bank.
See also
References
- ^ a b http://www.senscot.net/view_art.php?viewid=12861
- ^ An unconnected Unity Joint Stock Mutual Banking Association was formed in London in 1855. This "Unity Bank" went into liquidation in 1862.
- ^ Jackson, Suzy (22 December 2015). "Double benefits to be realised by Unity Trust Bank". Business Quarter (magazine). Retrieved 24 December 2015.
- ^ Weakley, Kirsty (16 Dec 2015). "Unity Trust Bank becomes independent and announces growth plans". www.civilsociety.co.uk. Retrieved 24 December 2015.
- ^ Treanor, Jill (14 January 2014). "Unity Trust Bank ownership set for overhaul after Co-op Bank's stake sale". The Guardian. Retrieved 17 December 2015.
- ^ https://www.unity.co.uk/who-we-are/mission-vision-and-values/
- ^ https://www.unity.co.uk/unity-trust-bank-out-performs-competitors-in-charity-banking-customer-survey/
- ^ "Unity Trust becomes first Living Wage accredited bank". Blue & Green Tomorrow. 9 September 2013. Retrieved 24 December 2015.
