Unity Trust Bank has announced its independence from The Co-operative Bank after buying back the majority of its shares from the lender.
The Co-operative Bank had previously owned 26.7% of Unity though its subsidiary Co-operative Commercial Limited, but following the buy-back, its stake has now been reduced to 6.7%.
Unity also announced the successful issue of new shares to provide additional capital for growth.
Alan Hughes, Chairman at Unity Trust Bank, said the announcements marked the most important changes in the bank’s history.
He said: “We are now an independent bank, with a new board, new leadership and the capacity to grow.
“Our commitment to delivering a double bottom line of both social and economic benefit is now enshrined in our constitution.
“Demand for a bank with a social conscience is stronger than ever and I am delighted we have attracted additional capital to be able to meet it.”
Unity was founded in 1984 by the main UK trade unions and focuses on SME lending.
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