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Co-op plans to hit the UK banking industry

The Co-operative bank could well become a common sight on the UK high street with news that the Co-op is looking to increase exposure for its Co-operative bank division which will begin with two pilot schemes in Co-op retail outlets. The move may well have been on the cards for some time when you consider the acquisition of Britannia building society earlier this year which increased the asset base while offering significant cost savings.

One of the main reasons why the Co-operative bank, which was actually established back in 1971, could do well in UK high street is purely and simply because of the positive reputation of the Co-op and the negative reputation of current UK banks. This could well turn out to be a very astute and very well timed move by the Co-op and one which will help consumers, businesses and the UK economy as a whole.

It was also interesting to see the continued growth in the Co-operative banking division and the fact that the company still continues to increase its exposure to both consumers and businesses. However, like all banking institutions in the UK the Co-operative bank has seen bad debts increase in the short term although the long-term picture does look quite rosy.

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