Home Business NewsBusiness Co-op Bank sale attracts buyers

Co-op Bank sale attracts buyers

24th Mar 17 10:42 am

This is what you need to know

The Co-operative Bank has said many credible buyers have come forward since it put itself up for sale last month.

However, the firm said there could be “no certainty that an offer for the bank will be made”.

The bank was rescued from collapse by a group of hedge funds in 2013.

Earlier on this month, the bank reported further losses.

Its loss for 2016 was £477m, this was an improvement from 2015s figure of £610m.

The bank had to put itself up for sale after it failed to satisfy the Bank of England’s regulatory requirements. It blamed low interest rates and the high cost of its turnaround plan.

In a statement issued on Friday, the bank said: “A number of credible strategic and financial parties have expressed interest in the sale process and are currently evaluating information on the bank.”

“The bank has requested that preliminary expressions of interest should be submitted in the first half of April.”

Leave a Comment


Sign up to our daily news alerts

[ms-form id=1]