Following its acceptance of the restructuring proposals offered by a group of Tier 2 note holders and shareholders, the bank has got permission to convene a meeting to approve the proposals.
Bloomberg reports on the attempt by hedge funds to gain full control of the Co-op Bank. The artcle, linked below, includes an enlightening chart showing the owneship stakes of the main shareholders:
The Guardian's Patrick Collinson looks at the sale announcement from a consumer perspective, quoting Shaun Fensom from the Customer Union
FT is behind a paywall. You need a Facebook login to see this article.
Co-operatives UK has issued a statement on the proposed sale.
The Customer Union for Ethical Banking is a member of Co-operatives UK
The board of the Co-op Bank has announced that it is seeking new owners, while also looking at alternative ways of raising capital.
The bank has issued a statement to customers.
They gave us a similar statement:
Message from The Co-operative Bank CEO Liam Coleman
10 November 2016 The Co-op Bank's campaign 'My Money, My Life' campaign, launched in partnership with Refuge, has received industry backing for a 'Code of Practice. The code would provide a framework for banks to support victims of financial abuse.
Details in the press releas below.
13 October 2016: bank sponsors third sector programme
Details in the press release below:
THE CO-OPERATIVE BANK SPONSORS UNIVERSITY OF MANCHESTER PROMETHEUS THIRD SECTOR PROGRAMME