Abstract Al5Co2 is an intermetallic compound which can be considered as an approximant of the quasicrystalline decagonal phases. Chemical bonding in Al5Co2 is investigated by using the electron localizability–electron density approach. The analysis reveals that two atomic clusters, one three dimensional, the other planar, can be identified on the basis of two‐centre bonds that are formed around the shortest Al–Co distances. These clusters and one of the Al types interact through multi‐centre bonds, indicating that both covalent and metallic interactions coexist in Al5Co2.