Co-op Bank and Britannia merger ‘should never have happened’
The Co-operative Bank’s merger with the Britannia building society in 2009 should never have happened, according to Sir Christopher Kelly’s report.
Sir Christopher Kelly states that the Co-op Bank had its own problems before the merger and that both companies’ problems were exsacerbrated by the merger.
His report also points to failings in management and governance “on many levels”.
Sir Christopher told the BBC’s Radio 4 Today programme that the Co-op Bank “had a legacy of mis-selling payment protection insurance (PPI), which was not unusual at the time, but is particularly disappointing for an ethical bank”.