On 12 July 2013 The Co‑operative Group and The Co‑operative Bank announced an independent review, chaired by Sir Christopher Kelly, into the events that led to the recent announcement of The Co‑operative Bank's capital action plan to address its £1.5bn capital shortfall.
The review has been commissioned by the new executive teams at the Group and the Bank, together with the Boards of both organisations, on behalf of the Group's members.
It will look at the decision to merge The Co‑operative Bank with the Britannia Building Society in 2009 and the proposed acquisition of the Verde assets of Lloyds Banking Group. It will include an analysis of strategic decision making, management structures, culture, governance and accounting practices and aspects of the role of the Bank auditors.
This review will assist in identifying lessons to be learned to strengthen not only the Bank and the Group, but the co‑operative business model generally.
The intention is to present the findings to members at The Co‑operative Group's annual general meeting in May 2014.
| © Kelly Review 2013. The Kelly Review, led by Sir Christopher Kelly, is an independent review of The Co-operative Bank.
The terms of reference of the Kelly Review can be found here. Use of this website is governed by these terms and conditions.