Co-op Bank acquisition talks fall through

Source: Co-op

The Co-operative Bank plc (the Bank) and/or its ultimate shareholders from time to time attract approaches regarding the possibility of acquiring the Bank, given the progress made in its turnaround and strength of its brand.

The Bank disclosed on 17 November that it had attracted an approach from a financial sponsor regarding the possibility of a sale of the Bank and/or the Holding Company and that the Bank’s majority shareholders were in preliminary discussions with the financial sponsor relating to that approach.

The Bank’s majority shareholders have now confirmed that these discussions have ended. The Bank remains committed to delivering its strategy and to returning to sustainable profitability, with the continued support of its majority shareholders.

Co-operative Bank CEO Nick Slape commented, “Our priority is to support our personal and small business customers through the current period of economic uncertainty. We are making good progress as we deliver our strategy, having achieved some important milestones during 2020, and we are focused on returning to profitability and building a strong and successful Co-operative Bank.“

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