Co-op is 'not for sale now or in the future'
Thursday 03 April 1997
Terry Thomas, managing director, said: "There's not a chance of his buying the bank. Neither the bank nor its parent are for sale, either now or in the foreseeable future. I have nearly 800 letters from customers telling me not to sell the bank and it's the same message from management and staff."
Mr Thomas said his correspondents were "without exception" against any sale, some stating they did not want "their" bank sold.
Announcing a 24 per cent surge in pre-tax profits for last year, Mr Thomas also launched a scathing attack on the wave of demutualisations, which has encompassed institutions ranging from the Halifax building society to the Norwich Union insurance group.
"It's a scandal of our time that this generation could raid assets built up over 100 years or more," he said. "There are other generations who had a greater social need. I'm thinking of the First World War and the Second World War. Why should it be this generation, for God's sake?"
Mr Thomas said he believed shortcomings in business culture were amplified by the values of the 1980s, foremost of which was "the misinformed idea that selfish behaviour... was in the public interest".
Profits at the bank, which is wholly owned by the Co-operative Wholesale Society, rose from pounds 36.7m to pounds 45.5m in the 12 months to 11 January. The period marked the first full year since the group added an ecological code to the ethical stance adopted in 1992 and updated in 1995.
The profits came on the back of a 27 per cent increase in retail deposits to pounds 2.4bn, double the level of five years ago. The bank claims a higher penetration of professional and senior managerial socio-economic groups than its rivals, with customers falling into social groups A and B representing 57 per cent of its credit card-holders, against an average of 34 per cent for the rest of the industry.
Despite higher lending, provisions for bad debts rose only slightly, increasing by pounds 1m to pounds 23.7m last year. The figures benefited from the write-back of provisions on loans to two failed property companies which have been sold.
Yesterday the bank produced a new "partnership report" which addresses the seven "partners" it has identified, namely shareholders, customers, staff and their families, suppliers, the local community, society at large and past and future generations.
- 1 Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
- 3 Tube strike: This pedestrian-friendly map tells you the time it takes to walk between stations
- 4 Pamplona Running of the Bulls 2015: Three men gored and 10 hospitalised on first day of festival
- 5 Sarah Jessica Parker explains why she is not a feminist: 'It's not just about women now'
Man who was struck and killed by lightning in Brecon Beacons 'was carrying a selfie stick'
Greece debt crisis: Greek future in the euro slips into deeper uncertainty as Alexis Tsipras arrives at emergency talks without a written plan
Man soars over Calgary after tying 110 balloons filled with helium to his lawn chair for PR stunt, gets arrested for mischief
Tube strike: This pedestrian-friendly map tells you the time it takes to walk between stations
Pamplona Running of the Bulls 2015: Three men gored and 10 hospitalised on first day of festival
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
Greece debt crisis: Angela Merkel and Francois Hollande issue Athens with 24-hour ultimatum to avoid crashing out of the euro
Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...