Co-op Bank agrees 700 million pound rescue package
Co-op Bank agrees 700 million pound rescue package
The bank said it had also agreed to separate itself from the wider Co-operative Group pension scheme
29 June, 2017, 09:05
― File picLONDON, June 28 ― Britain's Co-operative Bank said on today it had agreed a £700 million (RM3.8 billion) financial rescue package with leading investors that will shore up its capital base, ending months of uncertainty about its future.
The Co-operative Bank - which nearly collapsed back in 2013 due to a £1bn black hole in its finances - has managed to secure a £700m rescue package.
A major sticking point in the negotiations had been tensions over the division of the £10bn pension scheme shared by the Co-op Group and Bank, and the ongoing relationship agreement between them.
The Co-operative Bank has secured £700m of funding to meet regulatory capital requirements, staving off a once-mooted sale.
My Mayo added that Co-operatives United Kingdom would "continue to monitor and review our approval for the use of the name" as the new ownership and capital structure for the bank takes shape in practice.
However, this new plan would give the lender the ability to meet long-term capital requirements and continue as a stand-alone entity.
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Hedge fund investors who own the bank's debt will pump 443 million pounds into recapitalising its bonds and will also help the bank raise 250 million in fresh equity, the bank said in a statement.
The bank added that the Bank of England's Prudential Regulation Authority supported the rescue plan.
Trade union Unite said it "cautiously" welcomed the deal.
The bank also moved to reassure customers earlier this week that a deal with the hedge funds would "safeguard" its values and ethics.
It will be interesting to see whether that loyalty continues as the bank and the Co-op Group part company after 145 years.
"Discussions with respect to the separation of the Co-operative Pension Scheme (Pace) into sections for which Co-operative Group and bank have respective responsibility are advanced", the bank said.
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