Monday, 19 June 2017

Co-op Bank in 'advanced' talks over fund raising

The Co-operative Bank says it is in "advanced discussions" with a group of existing investors with a view to raising new funds.

The bank said it was responding to media speculation over the weekend regarding its recapitalisation.

Co-op Bank was forced to offer itself for sale in February after it was unable to reach a strong enough footing to satisfy Bank of England regulations.

Those rules require UK banks to be able to meet long-term capital requirements.

The bank, in which the Co-operative Group still has a 20% stake, was rescued from the brink of collapse by a group of hedge funds in 2013.

SKY      News.