LONDON Feb 13 Britain's Co-operative Bank
, the lender rescued from the brink of collapse by a
group of hedge funds in 2013, has put itself up for sale as the
lender seeks to build up its capital buffer to meet regulatory
The lender said in a statement on Monday that it has made
considerable progress implementing its turnaround plan, cutting
its cost base by a fifth since 2014.
But building up capital has proved difficult given low
interest rates, it added.
"As a result, and having concluded its annual planning
review, the board is today commencing a sale process, inviting
offers for all of the issued ordinary share capital in the
bank," the bank said.
The lender said it was also considering ways to raise equity
capital from existing and new capital providers and a potential
"liability management exercise" of its outstanding public debt.
Last month the bank said it expected its core capital ratio
to fall below 10 percent, falling short of regulatory
(Reporting by Huw Jones,; Editing by Rachel Armstrong)