The Co-operative Bank

The Co-operative Bank was formed in 1872 as the loan and deposit department of Manchester's Co-operative Wholesale Society (CWS), becoming the CWS Bank four years later. However, it did not become a registered company until 1971. Four years later, the bank became the first new member of the Committee of London Clearing Banks for 40 years and was thus able to issue its own cheques. In 1997, entrepreneur and former Hobson chief executive Andrew Regan led a £1.2bn takeover bid for CWS, which was rejected. Regan ended up making a "substantial payment" to end a civil action brought by CWS in 2005. Two years earlier, he was cleared of masterminding a £2.4m bribery scandal relating to CWS supply agreement dating from before his failed takeover bid. The Co-operative Bank launched a separate project regarding internet-transactions known as Smile in 1999, which has its call centre based at a unique pyramid building in Stockport.