Company:Unity Trust Bank
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| 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 2015, its remit has expanded to include profit-with-purpose businesses. Founded in 1984, head office is located at Four Brindleyplace, Birmingham.
History
Originally a licensed deposit taking institution, Unity Trust Limited acquired full status as a bank in 1987.[1][2]
Ownership
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 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 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]
Activities
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 accounts migrated to a NatWest sort code.
See also
- Trade unions in the United Kingdom
- Credit unions in the United Kingdom
- Social economy
References
- ↑ 1.0 1.1 "Unity Trust Bank History". http://www.senscot.net/view_art.php?viewid=12861.
- ↑ An unconnected Unity Joint Stock Mutual Banking Association was formed in London in 1855. This "Unity Bank" went into liquidation in 1862.
- ↑ Jackson, Suzy (22 December 2015). "Double benefits to be realised by Unity Trust Bank". Business Quarter. http://www.bqlive.co.uk/2015/12/22/double-benefits-to-be-realised-by-unity-trust-bank/.
- ↑ Weakley, Kirsty (16 Dec 2015). "Unity Trust Bank becomes independent and announces growth plans". www.civilsociety.co.uk. http://www.civilsociety.co.uk/finance/news/content/20985/unity_trust_bank_becomes_independent_and_announces_growth_plans.
- ↑ Treanor, Jill (14 January 2014). "Unity Trust Bank ownership set for overhaul after Co-op Bank's stake sale". The Guardian. https://www.theguardian.com/business/2014/jan/14/unity-trust-coop-bank-ownership-overhaul.
- ↑ "Vision, mission and values". https://www.unity.co.uk/who-we-are/mission-vision-and-values/.
- ↑ "Unity Trust Bank out performs competitors in charity banking customer survey". https://www.unity.co.uk/unity-trust-bank-out-performs-competitors-in-charity-banking-customer-survey/.
- ↑ "Unity Trust becomes first Living Wage accredited bank". Blue & Green Tomorrow. 9 September 2013. http://blueandgreentomorrow.com/2013/09/09/unity-trust-becomes-first-living-wage-accredited-bank/.
External links
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