'Sources at the Labour Party have told the BBC's business editor, Kamal Ahmed, that negotiations have begun to move a £1.2m loan Labour has with the Co-op Bank to the Unity Trust Bank, and that once the loan has been moved Labour would move all its current account facilities to the same bank.'
Oddly the Unity Trust Bank website website informs me that 'Unity funds its banking business entirely from shareholder capital and customers' deposits. Our shareholders - Trades Unions and the Co-operative Bank - are long term investors, having owned the bank since formation.'
'Represented on the Board Communication Workers' Union
GMB National Union of Rail, Maritime and Transport Workers UNISON UNITE USDAW The Co-operative Bank plc '
'The Co-operative Bank plc, through its subsidiary Co-operative Commercial Limited, owns 26.66% (14.64% in 'B' shares and 12.02% in 'C' shares).'
'Unity Trust bank right now is functionally part of the Co-op Bank. The Co-op's 27 per cent shareholding is one thing. But more important is that the bank's articles of association demand that Co-op controls Unity Trust.Regulators (the Bank of England now) naturally demand that bankers, not union leaders, run banks.Therefore, despite its minority shareholding, the Co-op Bank appoints the majority of the board, the chairman and the MD.That means the Co-op Bank's own risk director and financial control director sit on the board of Unity Trust Bank.'