The Co-operative Bank Plc

Type	Consumer Co-operative
Founded	1872 (as CWS Loan and Deposit Dept. A consumers' cooperative is a Cooperative business owned by its customers for their mutual benefit. Year 1872 ( MDCCCLXXII) was a Leap year starting on Monday (link will display the full calendar of the Gregorian Calendar (or a Leap year Co-operative Group Limited, trading as The Co-operative Group, is a United Kingdom Consumers' co-operative, and one of the world's largest consumer-owned )
Headquarters	Manchester, England, UK
Key people	David Anderson, Chief Executive
Industry	Financial Services
Products	Retail banking, Commercial banking and Independent Financial Advice
Revenue	£3. England is a Country which is part of the United Kingdom. Its inhabitants account for more than 83% of the total UK population whilst its mainland The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious" Financial services refer to services provided by the finance industry. In Marketing, a product is anything that can be offered to a Market that might satisfy a want or need Retail banking refers to banking in which Banking institutions execute transactions directly with consumers rather than corporations or other banks A commercial bank is a type of Financial intermediary and a type of Bank. In business revenue or revenues is Income that a company receives from its normal business activities usually from the sale of goods and services 5 billion
Website	www.co-operativebank.co.uk

The Co-operative Bank Plc is a commercial bank trading in the United Kingdom with headquarters in Manchester, England. A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages Commerce is a division of trade or production which deals with the exchange of goods and services from producer to final consumer A banker or bank is a Financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located England is a Country which is part of the United Kingdom. Its inhabitants account for more than 83% of the total UK population whilst its mainland It is an ethical bank, and refuses to invest in companies involved in the arms trade, global climate change, genetic engineering, animal testing and use of sweated labour as stated in its ethical policy. An ethical bank, also known as social, alternative, civic or sustainable bank, is a Bank concerned about the social use of its The arms industry is a global Industry and Business which Manufactures and sells Weapons and Military technology and equipment. Climate change is any long-term significant change in the “average weather” that a given region experiences Genetic engineering, Recombinant DNA technology, genetic modification/manipulation (GM and gene splicing are terms that apply to the direct Animal testing or animal research is the use of non-human Animals in scientific experimentation. A sweatshop is a working environment with very difficult or dangerous conditions usually where the workers have few rights or ways to address their situation The ethical policy was introduced in 1992. ^[1] In 2002 the Co-operative Group brought the bank and Co-operative Insurance Society under the control of a newly incorporated holding society, Co-operative Financial Services Limited. Co-operative Group Limited, trading as The Co-operative Group, is a United Kingdom Consumers' co-operative, and one of the world's largest consumer-owned The Co-operative Insurance, formally Co-operative Insurance Society Ltd is a large insurance company based in Manchester in the United Kingdom.

History

The Co-operative Bank's head office, 1 Balloon Street, Manchester. The statue in front is of Robert Owen, a pioneer in the Co-operative Movement. Robert Owen (14 May 1771 – 17 Nov 1858 born in Newtown, Montgomeryshire, Wales was a social reformer and one of the founders of Socialism The history of the cooperative movement concerns the origins and history of Cooperatives Although cooperative arrangements such as Mutual insurance, and principles

The bank was formed in 1872 as the Loan and Deposit Department of the Co-operative Wholesale Society. A Co-operative Wholesale Society, or CWS is a form of Co-operative Federation (that is a Co-operative in which all the members are Co-operatives in this case The main impetus behind the movement to establish a bank was the growth in the number of societies in the 1850s and the consequent problems relating to this. In 1876 it became the Co-operative Wholesale Society (CWS) Bank. The potential advantages of a co-operative bank were seen broadly. It would, for instance, be able to bring together co-operative retail societies which had surplus funds, and co-operative production which lacked the capital required for further development. The bank would provide money for expansion in a boom and help societies out during a downturn in the trade cycle, and hence insulate the movement from the vagaries of capitalism; it also provided an opportunity to be more independent of outside financial control. This was also part of the principle of mutual self-help. The bank made steady progress in the early years although it had limited ambitions, serving largely as banker to the movement, keeping balances and making loans to co-operatives. However, after the First World War, trade union business was taken on, and the first branches were opened. World War I (abbreviated WWI; also known as the First World War, the Great War, and the War to End All A trade union or labour union is an organization of workers who have banded together to achieve common goals in key areas such as wages hours and working conditions forming The aftermath of the Second World War brought about an accelerated pace of development and the Bank was particularly successful in attracting business in the public sector with local authorities. World War II, or the Second World War, (often abbreviated WWII) was a global military conflict which involved a majority of the world's nations, including By the mid-1950s there were more than 20 bank branches and the bank began to develop along more conventional lines. In 1947 it was recognized as an authorized bank under the Exchange Control Act 1947 and hence could participate in foreign exchange business. Changing economic and social conditions, including the rise in income and associated demands for consumer credit, were a great opportunity for the bank, especially with its distinctive mix of branch and store banking and also the association of many co-operative shoppers and with semi-banking business within the stores. However, the bank had a major image problem in that not only was there low awareness of its existence but the bank suffered from its association with the retail outlets of the Co-op, which were seen as being down-at-heel. In essence, the bank’s identity was subsumed within that of the co-operative movement.

In 1971 the board of the CWS agreed to establish the bank as a separate legal entity under the Companies Act 1947 and Parliament passed the Co-operative Bank Act 1971. The whole purpose was to mark out the bank as a full member of the banking community and thus a "real bank. " In 1972 the bank became a member of the British Bankers' Association and in 1974 became the first new member of the clearing house for 30 years. The British Bankers' Association ( BBA) is a Trade association for banks who operate in the UK Ambition characterized these years — the bank promoted itself as the third force in British banking after the London clearing banks and the public sector banks, competing on a wide front within the personal sector area and seeing itself as a thorn in the side of these Goliath banking institutions. A great deal of resources were devoted to the infrastructure necessary for a national clearing bank and during this period the bank established a reputation for innovation, particularly with the introduction of "free banking" (commission-free banking for account-holders in credit) in 1973, but also with interest-bearing current accounts and pioneering links with building societies. The bank grew strongly in these years, albeit from a small base, reaching one million accounts by 1981 and reducing the dependence on Co-operative Societies which, by the mid-1980s, represented only 10 per cent of the bank’s deposits.

Membership

A co-operative is a business, but more than this, it acts together to meet the common needs and aspirations of its members, sharing ownership and making decisions democratically. Co‑operatives are not about making big profits for shareholders, but creating value for their members. Their top priority is to provide the best possible services for their members and to invest in the communities where they live. This gives co‑operatives a unique character and influences what they stand for. ^[2]

Members of The Co-operative Group are also entitled to earn dividend on their account holdings and borrowing with the Bank. ^[3]

smile

Main article: Smile (bank)

The Bank launched a separate internet-only operation known as Smile in 1999, which, according to surveys, has the highest satisfaction ratings among UK banks and has received many awards in recent years for customer service and online banking. Smile, or smilecouk, is a British Internet bank, and a trading division of The Co-operative Bank. ^[4] It has around half-a-million customers. Smile has its call centre based at a unique pyramid building in Stockport. Stockport ( is a large town in Greater Manchester, England. It lies on elevated ground on the River Mersey at the influx of the rivers Goyt

Independent Financial Advice

The Co-operative Bank offers whole of market independent financial advice (IFA) through Co-operative Bank Independent Financial Advisers (CBFA). CBFA are based about 500 yards from the Co-operative Bank "Pyramid" in Regent House, Stockport. CBFA offers independent advice mainly on investment, retirement and Inheritance Tax planning. CBFA has over 100 advisers across the UK, incorporating specialists in Complex Pensions and Corporate Financial Planning. CBFA currently has around 70,000 clients across the UK made up of clients with links to the bank, and through there extensive seminar programme held at venues up and down the country.

Controversy

The Co-operative Bank’s branch in Oxford. Oxford is currently bidding for the 2010 Wikimania Conference Oxford () is a city, and the County town of Oxfordshire,

While the bank, like any other, is run on profitable lines, it does occasionally turn away new business which it feels may compromise its ethical policies. In the 2005/06 financial year, whilst making profits of £96. 5 million, it turned away business of nearly £10 million. ^[5]

In June 2005, the bank closed the account of a Christian evangelical group (Christian Voice) because of its allegedly homophobic standpoint. Evangelicalism is a theological movement tradition and system of beliefs most closely associated with Protestant Christianity, which identifies with the Gospel There is an unconnected organisation called Christian Voice in the USA. BenPhelpsJPG|thumb|right|Westboro Baptist Church picket signs with Ben Phelps grandson of Fred Phelps They said the group was "incompatible with the position of the Co-operative Bank, which publicly supports diversity and dignity". Christian Voice said the bank was discriminating against it on religious grounds. ^[6] Gay Times subsequently selected the Co-operative Bank for its Ethical Corporate Stance Award. Gay Times (branded as 'GT' is the United Kingdom 's leading Gay Magazine, for gay and bisexual men ^[7]

References

External links

• The Co-operative Bank
• Smile, the full internet bank of the Co-operative Bank
• Co-operative Bank Independent Financial Advisers (CBFA) Independent Financial Adviser Arm of The Co-operative Bank
• CIS: Co-operative Insurance, sister organisation to Co-operative Bank
• smile banks Online Banking awards