Complex sentence: Despite its name, the Co-operative Bank is not itself a true co-operative as it is not owned directly by its members, but by a holding company which is a co-operative-the Co-operative Banking Group.
Split into simpler sentences: Despite its name, the Co-operative Bank is not itself a true co-operative as it is not owned directly by its members. Instead it is part-owned by a holding company which is itself a co-operative-the Co-operative Banking Group.