Bank of the People Montreal in 1840. Until 1835, every bank in Upper Canada required a legislated charter which established it as a legal person able to sue, and be sued at law. Only two Banks had been chartered: the Bank of Upper Canada and the Commercial Bank of the Midland District. Both banks were controlled by the "Family Compact" who used their control of the currency supply and credit to control trade and ultimately, the farmers. They had a "licensed monopoly" to print paper money, which reduced competition. In 1835, Dr Charles Duncombe, a Reform politician in the Legislative Assembly, was part of
The Co-operative Bank to add £100 million over 10 years to the bank's pension fund and provide over £200 million of collateral to assist in separating the bank's pension from that of the Co-operative Group. The group was due to own 1 per cent of the bank, with the bank retaining its name and ethical policy. These arrangements were implemented in September 2017 and the final 1% stake held by the group was sold shortly afterwards for £5 million, ending the group's ownership of the bank entirely. The "relationship agreement" between the bank and the group is due to come to an end