News

Cooperative Group ATMs face eviction from UK supermarkets

May 16, 2014

There’s not much cooperation going on between Cooperative Group supermarkets and bank branches in the U.K.

The group has announced plans to boot 2,000 cash machines belonging to the bank from Cooperative Group-owned grocery stores, according to a report by This Is Money.

The action would leave the bank with an installed base of just 500 machines, 400 of which are housed in independently operated Cooperative Group supermarkets and might also be subject to removal.

At one time, the The Cooperative Bank was a subsidiary of the Cooperative Group, but the organization now owns only a minority stake in the FI. The report said that relations between the two parties have become increasingly strained.

Co-op Group said no final decision had been made about the ATM contracts. This Is Money quotes a spokesman for the group as saying, ‘The group and the Co-operative Bank remain in discussions with regards to the provision of ATMs in group food stores."