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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.

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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.

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