Co-operative Bank hires advisers to explore bids
Co-operative Bank is seeking to lead a round of consolidation in the mid-size banking sector, according to City soures.
The Manchester-based institution has called in investment bank PJT Partners to advise on potential acquisition targets, said Sky News.
Analysts predict a series of deals following Co-op’s attempt to absorb bid for TSB, creating a business with eight million customers. However, TSB’s Spanish owner Sabadell opted to retain the bank after earlier touting it for sale.
The Co-operative Bank will update the city on financial performance tomorrow, with analysts predicting a strong performance.
Banks have been reporting bumper results in the last two weeks with lenders buoyed by rising interest rates and increased economic activity.
One exception is Metro Bank which reported another loss and could be among the targets.