Linked In
Twitter
Credit Strategy
Search
Search

Co-op Bank up for sale amid "significant loss"

The Co-operative Bank has today (February 13) announced it has put itself up for sale.

LinkedIn Twitter Google+

It said this is based on the bank’s constrained capacity to generate income as a result of lower than expected interest rates.

 

The bank’s board is looking for buyers for 100 percent of the shares in the bank and said interested parties do not have to publicly identify themselves.

 

It also said it is considering ways to raise equity capital from existing and new capital providers and a potential liability management exercise of its outstanding public debt.

 

The board of the Co-operative Bank said it has engaged Bank of America Merrill Lynch and UBS Investment Bank for these activities and will continue to engage and consult with the bank’s shareholders.

 

In a statement the Co-operative Bank said it expects to report a significant loss for the year ending December 31 2016.

 

Liam Coleman, chief executive of the Co-operative Bank, said there is considerable potential to build the bank’s retail franchise further.

LinkedIn Twitter Google+
Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.

You may also like

12-minute loans launched for SMEs

12-minute loans launched for SMEs

Business lender Ultimate Finance has launched a loan that puts cash in a borrower’s account in under 12 minutes, in response to UK SMEs’ calls for quicker finance
Brexit increases pressure on UK hotels

Brexit increases pressure on UK hotels

Up to 1,800 UK hotel companies have at least a 30 percent chance of becoming insolvent by 2020, according to accountancy firm Moore Stephens
Charities call for independent regulator of bailiffs

Charities call for independent regulator of bailiffs

Bailiffs are still using “intimidating behaviour” and not following the rules when collecting debts, according to a new report launched by several charities
Credit Strategy

Did you find our website useful?

Thank you for your input

Thank you for your feedback

An online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace.
© Copyright Shard Financial Media Ltd