The Co-operative Bank, which is 20% owned by the Co-op Group, has this morning put itself up for sale inviting offers to buy all of its shares.
The Co-op Group has issued the following statement:
“As a minority investor in The Co-operative Bank, the Co-op Group is supportive of the plan to find the Bank a new home. We will continue to work with the Bank and other investors through the process. We are focused on finding the best outcome for our members, two million of whom are Bank customers, as well as the members of our shared pension scheme which is well funded and supported by the Group. Our goal is to ensure the continued provision of the type of co-operative banking products our members want.”
We will keep colleagues informed of any further developments.
Director of Co-op Group Communications