Co-operative Bank racks up annual losses of £477.1m

Lender’s losses of £477.1m

The troubled Co-operative Bank reports annual losses of £477.1m. Despite the huge losses, the Bank’s chief executive, Liam Coleman said they’re “pleased” it is “engaging” with potential bidder’s interest.

He added: “Obviously, we are only a few weeks into the sale process but we are pleased with the interest to date and engaging with potential bidders as planned.”

This comes as the Bank was put up for sale last month after the Bank went way in the red last year and nearly collapsed in 2013. Despite the huge losses, it is an improvement on last year’s losses of £611m.

The Co-operative has four million customers and continues to be hit by “legacy issues” the Bank said.