The Co-operative Bank has joined Co-operatives UK, the umbrella group for The Co-op movement.

The move follows concerns that the bank would abandon its co-operative principles after its recapitalisation last year saw investors, including US hedge funds Aurelius and Silver Point, take a 70% share.

“Co-operative values and ethics are at the heart of our bank. While much has changed, our commitment to this has not,” said Co-op Bank CEO Niall Booker.

It has also named former Competition Commission deputy chairman Laura Carstensen as chair of its new values and ethics committee, which the bank said would “oversee adherence to co-op values”.