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Co-op Bank signs £700m rescue deal


The Co-operative Bank has secured £700m of funding to meet regulatory capital requirements, staving off a once-mooted sale.

The lender got the money from a group of existing investors.

A Co-operative Bank statement says: “The board believes that the proposal will enable the Bank to thrive as a stand-alone entity, with values and ethics and strong customer service continuing at the heart of its business.”

Earlier this week the Co-operative Bank said it was in “advanced discussions” to secure the extra cash.

The lender was struggling to meet its capital requirements due to high interest rates and “higher than anticipated transformation and conduct remediation costs”.

The lender had previously been courted by firms such as Santander, Virgin Money and Banco Sabadell, though both pulled out of sales talks.


Co-op Bank

Co-operative Bank ends sales talks to focus on capital raising

The Co-operative Bank has ended sales talks but is still negotiating to increase its capital reserves. The lender today said it was in “advanced discussions” with existing investors to secure the extra cash. A Co-operative Bank statement adds the firm’s board has “decided to discontinue the formal sale process under the takeover code”. The Co-operative […]

Co-op Bank

Virgin Money rules out Co-op Bank takeover

Virgin Money has pulled out of talks to buy the Co-op Bank as the firm negotiates with hedge funds about a financial restructure. Virgin walked away from the mooted deal in the last few days, according to Sky News. The Richard Branson-backed lender had been seen as the most likely firm to attempt a takeover […]


Santander and TSB rule out bid for Co-operative Bank

Santander and TSB have both ruled themselves out of bidding for the Co-operative Bank, according to reports. Spanish bank Banco Sabadell was thought to be interested in bidding through TSB, according to the Financial Times. Sabadell bought TSB from Lloyds Banking Group in 2015. However, Sabadell chairman Josep Oliu has ruled out further UK acquisitions […]


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