Coventry Inks £780 Million Deal to Buy Co-Op in Bank Merger Wave

Co-Operative Bank’s shareholders signed off on a transaction that would sell the lender to Coventry Building Society for £780 million ($971 million), the latest sign of consolidation among British lenders.

The acquisition is expected to complete in the first quarter of next year. Integrating the two companies will take several years and during that time both lenders will retain their separate brands, according to a statement.

Coventry’s board decided a member vote is not required to sign off on the deal, which has been in the works for months. The transaction creates a lender with an £89 billion balance ...