June 26, 2017 / 6:11 AM / 4 months ago

BRIEF-Britain's struggling Co-op Bank to discontinue formal sale process

June 26 (Reuters) - Co-operative Bank Plc

* Board has decided to discontinue formal sale process under takeover code

* Confirms that a majority of key commercial aspects of proposal have been substantially agreed between bank and investors

* Bank is no longer in “offer period” for purposes of takeover code

* Discussions with respect to separation of Co-Operative pension scheme into sections for which Co-Operative Group Limited and bank have respective responsibility are advanced

* Discussions continuing between parties, including on key matters, with view to agreeing final aspects of proposal

* Anticipated that any agreed proposal would be subject to a number of conditions relating to its implementation.

* Bank targets an improved end state pillar 2A requirement which is lower than c.9.5 pct of RWAS previously targeted

* Targets potential for dividend in 2021

* Targeting a mid-single digit ROE in 2021 Source text for Eikon: Further company coverage:

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below