Before joining KPMG in 2005, Tooher was a financial journalist for 16 years, latterly as business editor of the Financial Mail on Sunday.
He will assume his Manchester-based role on 31 August, reporting to Russ Brady, head of group public relations at the Co-operative Group.
The CFS is the financial services arm of the Co-operative Group, and includes The Co-operative Bank, the former building society Britannia, internet bank Smile and Co-operative Insurance.
Tooher commented: ‘I've long been an admirer of the Co-operative Group and its values so, as a Mancunian as well, this represents a real homecoming in every sense.’
Brady added: ‘Patrick brings a strong media and industry background and will play a significant role in driving our public relations agenda forward.’
Phil Edwards will continue in his role as head of public relations for the group's trading businesses which include food, pharmacy and travel.