Co-op restructures finance arm with view to rebrand

The Co-op is shaking up its financial services division in a move that could spell the end for the group’s separate banking and insurance brands.

The intention is to create a single, customer-focused Co-operative Financial Services organisation. This could eventually mean the Co-operative Bank and Co-operative Insurance Society are rebranded as CFS.

As part of the restructure, the financial business is being split into six divisions, with marketing made part of business management, bringing together product development, marketing and strategy.

Craig Shannon, executive director for marketing at the Co-operative Bank and CFS, is to assume the new role of business management director. Shannon joined the group in January 2003 from corporate strategy company LEK Consulting.

The Co-op recently called a review of its &£20m media account (MW October 27), intending to consolidate its buying and planning business in a single agency. It has used MediaCom North for its main brand, membership work and food retail; TCS North for Co-op Financial Services; and Starcom for media buying on Funeralcare. It is not known whether the restructure at CFS will affect the review.

The group has also shifted its &£15m supermarket advertising business into McCann Erickson.

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