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

by Dramelin 3:30 AM 0 comments

The Bank of England`s Prudential Regulation Authority, which regulates Co-operative Bank, said it welcomed the measures announced on Monday. "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. Last month, the bank said it expected its core capital ratio to fall below 10 percent, falling short of regulatory requirements. The Co-operative Bank, which has four million customers, 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. Co-op Bank nearly folded in 2013 with a 1.5 billion pound hole in its capital after losses from problem real estate loans.