March 6, 2018 / 9:56 AM / a year ago

British government orders investigation into oversight of Cooperative Bank

LONDON, March 6 (Reuters) - The British government on Tuesday asked the Prudential Regulation Authority (PRA) to investigate its oversight of Cooperative Bank, in an independent review aimed at shedding light on how the troubled lender was supervised during 2008 and 2013.

It said the investigation would focus on the Cooperative Bank’s failed bid for 632 branches of Lloyds Banking Group in 2013.

The PRA said it supported the call to launch an independent review of its supervision during a disruptive period for the bank, which was later found to suffer from significant funding problems and poor corporate governance.

“Since it was established in 2013, the PRA has been committed to learning the lessons of the past and the findings of this review will help the PRA meet its objectives in the future”, the regulator said in a statement. (Reporting by Emma Rumney, editing by Sinead Cruise)

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