 | |
| Type | Public limited company |
|---|---|
| Industry | Financial services |
Area served | United Kingdom |
| Website | www |
Unity Trust Bank plc provides specialist banking services to trade unions, charities and other organisations that operate in the not-for-profit sector in the United Kingdom and, since December 2015, its remit has expanded to include profit-with-purpose businesses. Founded in 1984; head office is located at Four Brindleyplace, Birmingham.
Originally a licensed deposit taking institution, Unity Trust Limited acquired full status as a bank in 1987. [1] [2]
Historically, Unity Trust Bank was majority owned by individual trade unions and federations (73.23%) and The Co-operative Bank owned the remainder (26.7%) through its subsidiary, Co-operative Commercial Limited. [1] In December 2015, Unity bought back shares from Co-operative Commercial Limited, which reduced The Co-operative Bank's holding to 6.7%. [3]
Unity Trust's new articles of association redesignated all shares into a single class, all ranking pari passu, and removed the different rights of the old classes and created additional shares. As a result, new shareholders have invested in Unity Trust and the Co-operative Bank no longer has a controlling interest or the right to appoint directors. [4]
The Co-operative Bank's stake was put up for sale in early 2014 in an attempt to restore profitability following a capital shortfall, which resulted in a rescue by its bond holders – led by US hedge funds – and the parent Co-operative Group ceding control. [5]
In its founding principles, the bank was established as “an organisation identified with and embracing the philosophy of the common good.” It promotes a socially responsible and sustainable approach to banking and lending. [6] Unity Trust Bank was rated top in eight out of nine customer satisfaction categories in the Charity Finance Banking Survey 2015. [7] In 2013, it became the first British bank to be awarded the Living Wage Employer Accreditation Mark. [8]
The Co-operative Bank acted as the bank's clearing agent until 2015, when it migrated to a NatWest sort code.
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