Capital needed for survival
Co-op in takeover talks with ‘several parties’
Co-operative Bank said it is in acquisition talks with ‘several parties’ as well as existing and potential new investors.
The Bank did not name any of the parties but they are believed to include Virgin Money and Clydesdale Bank.
The Co-operative Bank, which has struggled to refinance its balance sheet, announced on 13 February that it was considering a sale alongside considering other options to build capital to meet the longer term capital requirements applicable to all UK banks.
In a statement this morning it said it has received “a number of non-binding proposals from strategic and financial parties”. The board will provide them with additional information.
The Bank continues to have discussions with existing and other potential new investors on options to build capital.
It said there can be no certainty that any offer will be made for the Bank or that it will raise new capital required.