The name describes the holding name for the mutual’s financial services offering – which covers Co-operative Bank, Britannia, internet bank smile and Co-operative Insurance brands.
Louise Fowler, brand and marketing business leader for Co-operative Financial Services (CFS), says: “We believe The Co-operative Banking Group name better reflects the direction of our business and our ambitions to become much more focused on strong relationship banking.
“Customers tell us the words “financial services” are a bit vague and confusing – if it’s a bank, they’d like us to call it a bank.”
All brands will continue to trade under their current names.
News of the change, which comes into effect 5 September, follows last month’s surprise announcement that CFS chief executive Neville Richardson is to leave. The group is bidding to buy the 360 branches being sold by Lloyds Banking Group.