Last checked at 11 Oct 2021 14:02
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
2022- 2026 REFRESH OF STRATEGIC PLAN
11 October 2021
The Co-operative Bank p.l.c. ("the Bank") is pleased to provide an update on its strategic priorities covering a five-year period from 2022 to 2026 including refreshed financial guidance.
Materials relating to the investor event are available on the Bank's investor relations website, which can be found at the following address: www.co-operativebank.co.uk/about-us/investor-relations.
Nick Slape, Chief Executive Officer said:
"In 2018 we set out a five year strategy and plan to return the Bank to profitability that focused on fixing the basics, enabling the future and establishing a sustainable advantage from 2023 onwards. We approach the end of the first two phases of the plan in a strong and resilient position, with the Bank reporting two quarters of profit in 2021 and being awarded the best ESG rating for any UK high street bank from the leading ESG rating provider, Sustainalytics. As such, now is the right time to refresh our strategic vision and ambitions by extending our strategy through the next five years, three years beyond our original plan, as we continue to target growth and increased efficiency.
2022 marks the 150 year anniversary of The Co-operative Bank and we head into this milestone year celebrating our strong franchise, strong customer base and strong ethical brand with sustainability and co-operative values and ethics very much at the heart of our plans."
Investor enquiries:
investorrelations@co-operativebank.co.ukGary McDermott, Treasurer and Head of Investor Relations: +44 (0) 7885 843913
Media enquiries:
Daniel Chadwick, Communications: +44 (0) 7724 701319
Nicki Parry, Communications: +44 (0) 7734 002983
The person responsible for arranging the release of this announcement on behalf of The Co-operative Bank Finance p.l.c and The Co-operative Bank p.l.c. is Catherine Green, Company Secretary.
About The Co-operative Bank
The Co-operative Bank p.l.c. provides a range of banking products and services to about 3.2m retail customers and c.94k small and medium sized enterprises ('SME'). The Bank is committed to values and ethics in line with the principles of the co-operative movement. The Co-operative Bank is the only high street bank with a customer-led ethical policy, which gives customers a say in how their money is used. Launched in 1992, the policy has been updated on five occasions, with new commitments added in January 2015 to cover how the Bank operates its business, products and services, workplace and culture, relationships with suppliers and other stakeholders and campaigning.
The Co-operative Bank p.l.c. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Co-operative Bank p.l.c. eligible customers are protected by the Financial Services Compensation Scheme in the UK, in accordance with its terms.