It has been announced the Co-op Bank has been put up for sale today, and is now looking to sell all its shares.
It’s not the first time the well-known high street bank has been in trouble recently. The Co-op Bank almost collapsed in 2013, however, managed to stay afloat with U.S hedge fund bailout.
The Co-op Bank currently has four million customers and the Co-operative Group owns 20% of the firm. One of the unique points of the bank and what makes the business more appealing to potential buyers is its strong ethical approach. The Co-op spokesperson has emphasized the business ‘a strong franchise with significant potential’.
It is believed the reason for the bank’s recent struggle is due to its low interest rates offering.
One of the rumored potential buyers is TSB, although their current primary focus is working on the separation of their I.T systems from Lloyds.
The Bank of England’s Prudential Regulation Authority spokesman said it welcomed the news from the bank.
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