Coventry Building Society

Coventry Building Society
Building Society (Mutual)
Industry Banking and Financial Services
Founded 1884
Headquarters Coventry, England, UK
Number of locations
 89
Key people
 Gary Hoffman, Chairman
Mark Parsons, Chief executive
Products Banking, Savings and Mortgages
£243.0 million GBP (December 2017), Increase 2% on 2016
Total assets £42.5 billion GBP (December 2017), Increase 11.1% on 2016
Number of employees
 2,300
Website www.coventrybuildingsociety.co.uk

The Coventry Building Society is a building society based in Coventry, England. It is the second largest in the United Kingdom with total assets of more than £42.5 billion at 31 December 2017.[1] It is a member of the Building Societies Association. The society has 1.5m saver-members and a further 350,000 borrower-members.

History

The Society was founded in 1884, in Coventry as the Coventry Permanent Economic Building Society. As with other societies, the intention was to provide greater access to finance to the local community, within a mutually-owned organisation. As its reputation grew locally, it became the largest building society in the county by asset share, within 30 years.

A long period of growth culminated in 1983, with the merger of the Economic with the other main building society in the city, the Coventry Provident. Today, the society has over 1.7 million members, assets of over £34 billion, and continues to resist any moves towards demutualisation. Its logo is of Lady Godiva, the iconic figure of Coventry.

On 23 March 2010, the Coventry announced that it would be merging with the Stroud and Swindon Building Society to create a society, under the Coventry brand, that has 1.7 million members, 70 branches and 22 agencies in the West Midlands, South West England and Wales.[2]

It was awarded Best Offset Mortgage Lender in the 2016 What Mortgage Awards[3] and Best Lender Website in the 2017 What Mortgage Awards.[4] It has a 2-star accreditation from Best Companies and a BCI score of 719.1.[5]

Services

The society provides a range of products, including mortgages, insurance, savings and investments.

The Coventry Building Society is authorised by the Prudential Regulation Authority and regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.[6] It is a member of the Building Societies Association, the Financial Services Compensation Scheme, the UK Payments Council and UK Cards Association.

See also

References

  1. ↑ Coventry Building Society - financial results
  2. ↑ Coventry building society merges with Stroud & Swindon
  3. ↑ "What Mortgage Awards: 2016". What Mortgage. July 2016.
  4. ↑ "What Mortgage Awards: 2017". What Mortgage. July 2017.
  5. ↑ "Coventry Building Society: BCI". best companies.
  6. ↑ "Coventry Building Society". Coventry Building Society. 2013. Archived from the original on 10 February 2007. Retrieved 2 May 2013.
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