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09 May 14 from www.saveourbank.coop

The bank today issued a press release detailing its plan to raise £400m additional capital.

It says it is confident it will raise the money, and that it has commitment from 5 largest shareholders, including The Co-operative Group, to subscribe to new shares.

The Co-operative Group responded:

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09 May 14

Bank claims it is on course to raise £400m more - but Co-op Group share will fall

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05 May 14 from www.telegraph.co.uk

A report in the Telegraph suggests that the Co-operative Group will sell some of its entitlement to the planned rights issue by the bank. The rights issue is designed to raise £400m and there has been doubt that the Group - which has serious financial difficulties - would be able to find £100m+ needed to keep its stake at 30%.

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30 April 14 from www.co-operativebank.co.uk

In response to the launch of the Kelly Review today, The Co-operative Bank released a video response from its CEO, Nial Booker, on its website.

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30 April 14 from www.thekellyreview.co.uk

The Kelly review into what went wrong at the bank was published today.

In its response the Co-op Group welcomed the report. Richard Pennycook said: "the management that instigated this disaster for the Group are no longer in place; the flawed governance structure that failed to apply the right checks and balances, however, remains."

 

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28 April 14 from www.wealthbriefing.com

News has emerged that the Co-operative Bank has hired David Bagley, last seen when he resigned as HSBC's head of compliance after admitting that HSBC had allowed Mexican drug cartels to launder billions of dollars through its US operation for years. The website Complaince Matters reports:

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11 April 14

The Save Our Bank campaign is calling on the Co-op Bank's Chief Executive not to accept the £1.7m bonus he has been promised if the bank's position improves. “The bank needs to take a lead and show that it is different from other banks,” said Shaun Fensom from the Save Our Bank campaign. “It can start by rejecting excessive pay deals.”

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10 April 14 from www.theguardian.com

Reports in the media say that Lord Myners has resigned from the Co-operative Group board, apparently because of opposition to his proposed reforms of the governance of the Group.

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04 April 14

The bank needs another £400m capital

Last week the Co-op Bank announced that unforeseen losses will mean it needs to raise another £400 million in capital on top of the £1.5 billion it raised in the recapitalisation last year.

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24 March 14

In reaction to news that the Co-op Bank needs a further capital injection of £400m, The Save Our Bank campaign made the following statement:

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