Manchester’s up-for-sale Co-operative Bank said on Friday it received a number of “non-binding proposals from strategic and financial parties” and that it selected several to go forward to the next stage where they will be provided with additional information.
The so-called “ethical” bank — hit by a number of scandals in recent years — was rescued by hedge funds in 2013 but put itself up for sale in February amid a neeed to build its capital and meet longer term UK bank regulatory capital requirements.
“Each of the preliminary offers selected includes some form of liability management exercise,” said Co-op Bank..
“In parallel, the bank continues to have discussions with existing and other potential new investors on options to build capital.”
Co-op Bank announced on February 13 it was commencing a sale process alongside “considering other options to build capital to meet the longer term capital requirements applicable to all UK banks.”
On Friday, Co-op Bank said it is continuing with discussions “with existing and other potential new investors on options to build capital.”
It added: “There can be no certainty that any offer will be made for the bank or as to the level of any proposal or offer that may be made nor that the bank will pursue, or successfully implement, an equity raise and/or a liability management exercise of its outstanding public debt.”