June 28, 2017 / 10:49 AM / 2 months ago

Britain's Co-op Bank agrees $900 million rescue package

LONDON, June 28 (Reuters) - Britain's Co-operative Bank said on Tuesday it has agreed a 700 million pound ($897.47 million) financial rescue package with leading investors that will shore up its capital base, ending months of uncertainty about its future.

Hedge fund investors who own the bank's debt will pump 443 million pounds into recapitalising its bonds and will also help the bank raise 250 million in fresh equity, the bank said in a statement.

Britain's bank regulator the Prudential Regulation Authority has accepted the plan, Co-op bank said. ($1 = 0.7800 pounds) (Reporting By Lawrence White and Esha Vaish; editing by Simon Jessop)

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