It was mainly known through its two main subsidiaries: The Co-operative Bank (incorporating Smile, the first full internet bank in the UK) and The Co-operative Insurance. Co-operative Financial Services was formed as a holding company to bring these financial subsidiaries together under one umbrella society and to enable synergies between the businesses to be exploited. Following the Co-operative Bank's financial crisis in 2013, the group sold a majority of shares in the business, retaining a 20% stake. As a result, the group was reorganised, and the banking group structure was discontinued.