April 6, 2017 / 6:05 AM / 5 months ago

BRIEF-Co-Operative Group writes off stake in struggling Co-Op Bank

April 6 (Reuters) - Co-operative Group Ltd

* Group revenues up 3% to £9.5bn, with food, funeralcare and insurance all delivering strong levels of growth

* Group records pre-tax loss at a statutory level reflecting prudent valuation of minority shareholding in co-operative bank

* Loss before tax of £132m (2015: £23m profit), reflecting £74m increase in our finance costs due to changes in value of our bonds and writedown in carrying value of 20% shareholding in co-operative bank

* We have reviewed fair value at year-end and reduced value of stake in co op bank to £nil. Source text for Eikon: Further company coverage: (Reporting by Lawrence White)

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