Co-operative Bank (UK) is up for sale (source : thenews.coop)
The Co-operative Bank has started a sale process inviting offers for all of its issued ordinary share capital.
The Co-operative Bank has over four million customers, of which 2 million our members, across the UK and is currently the only high street bank with a customer-led ethical policy.
The Bank, which used to be wholly owned by the Co-operative Group, was bailed out by US hedge funds in 2013 after needing £1.5bn. The Group maintains a 20% share of the bank. The Bank expects to report a loss for the year ending 31 December 2016, which it says it will be “significant” but lower than the loss reported in the year ending 31 December 2015.The Save Our Bank campaign, formed in 2013 to pressure the Bank into sticking to its ethical policy and return to some form of co-operative ownership, also reacted to the news: “We welcome the bank’s stated intention to look at alternative ways to strengthen its capital position. We call on the Bank to seek co-operative sources of capital- the Bank’s own customers, or other European co-operative institutions, and to engage with customers and the Customer Union so that, in the spirit of being a customer-led bank, we have a say in what happens next.”
Dit nieuwsbericht is verschenen op dinsdag, 14 februari 2017.