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Britain's Co-operative bank puts itself up for sale
February 13, 2017 / 7:19 AM / 8 months ago

Britain's Co-operative bank puts itself up for sale

LONDON, Feb 13 (Reuters) - 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 requirements.

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 requirements. (Reporting by Huw Jones,; Editing by Rachel Armstrong)

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