The Co-operative Bank scoops ‘Best Financial Services Provider’ at the annual Which? awards

June 11, 2009

The Co-operative Bank has been awarded another top accolade, by winning the prestigious 2009 Which? award for ‘Best Financial Services Provider’.

The awards based on research by Which? recognise the best performers across core retail sectors, including mortgages, credit cards and current accounts. In the case of The Co-operative Bank, and given the backdrop of the economic crisis, the award also recognises the trust associated with The Co-operative brand, its unique ethical policy and the prudent way in which it has managed its finances throughout the credit crunch.

By operating on a fully funded basis, which means the Bank only lends out what it receives through customer deposits, it has largely been unaffected by the problems created through the freezing of the wholesale markets.  This prudent and responsible approach has strengthened the brand, enabled the Bank to stand out in the current economic climate and attracted large numbers of new customers.

David Anderson, Chief Executive for The Co-operative Bank commented, “We are delighted that we have been recognised as Best Financial Services Provider by Which? the leading voice for the consumer. This award acknowledges our responsible approach to managing customers’ money and the emphasis we place on delivering excellent customer service backed by high quality and ethically enriched products”.

“Following the Bank of England call yesterday for banks to increase lending, we are in a position to respond positively to this challenge and continue to be very much open for lending across both our retail and corporate business areas, as a direct result of the success of our business model and a clear flight to safety in terms of the number of new customers we have attracted. Throughout this difficult economic period, we have pledged to do all we can to help individuals and businesses alike, in keeping with our Co-operative values and principles.”

“With our commitment to ethical banking, customer service and responsible lending, we offer a real alternative for customers who may have become disillusioned with their existing bank.”

Peter Vicary-Smith, Chief Executive from Which? commented, “The Co-operative Bank stands out from the competition in providing good products, maintaining an ethical stance and consistently delivering high levels of customer service.   The bank has also been operated on a very prudent model, which has proved invaluable as other retail banks have suffered during the current economic conditions.”

Ends

 

For further information contact: 

Catherine Laycock / Alejandra Solis
The Co-operative Financial Services Press Office
Tel: 0161 903 3808 / 3833
Fax: 0161 903 2751
e-mail : catherine.laycock@cfs.coop /alejandra.solis@cfs.coop

 

Notes to editors:

ISDN facilities are available for broadcast media interviews.

More information on The Co-operative Bank can be found at www.co-operativebank.co.uk

The Co-operative Financial Services is part of The Co-operative Group, which is the world’s largest consumer co-operative with over 3 million members. CFS currently has 5.5m customers and employs over 8,000 staff. It has 116 retail and corporate branches/centres and over 1,000 face to face financial advisers. It has £38bn of assets under management across its retail and corporate business areas.