The party’s general secretary Iain McNicol is understood to want to move a £1.2m loan to the trade union-controlled Unity Trust Bank. Its current account facilities are also expected to be shifted.
The move comes after a tumultuous period for the bank, which has seen big losses and the resignation of chairman Paul Flowers, who is now facing drug possession charges.
Historic ties
The move could be interpreted as an effort to draw a line under a financial relationship going back nearly a century.
The Cooperative movement and Labour joined as parties in the 1920s and the link-up with the banking arm is believed to have started then.