Coventry in £780m ‘potential acquisition’ of Co-op Bank
Mutually-owned Coventry Building Society and Manchester-based Co-operative Bank announced on Thursday afternoon that “non-binding heads of terms have been agreed for a potential acquisition of…
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Co-op Bank to cut 400 jobs as takeover talks continue
Manchester-based Co-op Bank announced it will cut about 400 jobs as it moves to “simplify processes, reduce our cost base and make efficiency improvements.” Last month, Co-op…
Co-op Bank profit falls to £71m amid Coventry deal talks
Manchester-based Co-op Bank said its statutory profit before tax fell about 46% to £71.4 million in 2023 reflecting “exceptional redress of £28.9m in respect of the…
Coventry in talks to buy Manchester’s Co-op Bank
Coventry Building Society announced it has entered into an “exclusivity agreement in relation to a possible offer” for Manchester-based Co-operative Bank Holdings Limited. Such a deal…
Co-op Bank gets takeover approach from Coventry
Coventry Building Society has made a non-binding offer for Manchester-based Co-op Bank that values the lender at more than £700 million, according to London media…
Co-op Bank acquires £479m Sainsbury’s mortgages
Manchester-based Co-operative Bank has announced an agreement to acquire Sainsbury’s Bank’s mortgage portfolio. The portfolio comprises 3,500 customers with balances of around £479 million. Co-operative…
Co-op Bank first-half total income rose 16% to £266m
Manchester-based Co-op Bank said its profit before tax was flat at £61.8 million in the six months ended June 30, 2022, as total income rose 16%…
Co-op Bank quarterly income up 19% to £131m
Manchester-based Co-op Bank said its underlying profit before tax rose about 28% to £35.1. million in the three months ended March 31, 2023. Co-op Bank said its…
Co-op Bank explores options, including sale and IPO
Manchester-based Co-op Bank is in the early stages of exploring strategic options — including mergers and acquisitions, a sale of the bank and an initial…
Co-op Bank profit soars to £132m
Manchester-based Co-operative Bank has reported profit before tax of £132.6 million for 2022, an increase of £101.5 million. Total income, which includes net interest income and…
Co-op Bank pension completes buy-in
Manchester-based Co-operative Bank announced on Tuesday the completion of a “buy-in” transaction of the segregated section of the Co-operative Pension Scheme (Pace) sponsored by the…
Co-op Bank eyes acquisitions as profit triples to £103m
Manchester-based Co-operative Bank announced that its underlying profit before tax more than tripled to £103.1 million in the nine months ended September 30, 2022. And the…
Co-Op Bank ‘in compliance with capital requirements’
Manchester-based Co-operative Bank said on Friday it has now attained “full compliance with total capital requirements plus buffers.” Co-operative Bank provides a full range of banking…
Co-op Bank staff get £1,000 rise; H1 profit hits £62m
Manchester-based Co-op Bank announced its profit before tax soared to £61.9 million in the six months ended June 30, 2022, up from 21.4 million for…
Co-op Bank Q1 income up 36% to £110m
Manchester-based Co-op Bank on Thursday published a first quarter trading update for the three months ended March 31, saying it made profit before tax of £30.5 million, up…
Co-op Bank prices £250m green bonds at 6%
Manchester-based Co-operative Bank Finance announced it priced its issue of green MREL-eligible £250 million fixed rate reset callable notes due 2027. MREL stands for “Minimum Requirement for…
Co-op Bank to market £200m of green bonds
Manchester-based Co-operative Bank Finance has announced it will begin marketing £200 million of potential green bonds. “The Co-operative Bank Finance p.l.c. will today begin marketing a…
Co-op Bank mortgage lending up 185% to £2.4bn
Manchester-based Co-operative Bank on Thursday announced its first full year of profit in 10 years amid a surge of 185% in its net mortgage lending to…
Co-op Bank looks for merger as it posts profit
Manchester-based Co-operative Bank — recently rebuffed by Spain’s Banco Sabadell in an audacious £1 billion approach for its TSB Bank subsidiary — on Friday posted a third…
Sabadell rejects £1bn Co-op Bank bid for TSB
(Updates with Monday statement from Co-operative Bank) Spain’s Banco Sabadell confirmed at the weekend that its board has rejected an audacious offer for its subsidiary TSB Bank…
Manchester’s Co-op Bank gets ESG rating boost
Manchester-based Co-operative Bank said on Monday it has been rated as the UK’s best Environmental, Social and Governance (ESG) high street bank by Sustainalytics, the…
J.C. Flowers, Bain buy stake in recovering Co-op Bank
Manchester-based Co-operative Bank said on Wednesday that US private equity firms J.C. Flowers and Bain Capital Credit agreed to buy a stake in the self-styled…
Manchester’s Co-op Bank narrows loss to £103m
Manchester-based Co-operative Bank, which recently ended talks on a possible sale of the company, said on Thursday it made a statutory loss before tax £103.7 million in…
Co-op Bank ends sale talks with Cerberus
Manchester-based Co-operative Bank said on Monday it has ended talks on a possible sale of the company. Co-op Bank has declined to comment on reports…
Co-op Bank capital requirement reduced to £266m
Manchester-based Co-operative Bank said on Tuesday the Prudential Regulation Authority (PRA) confirmed a reduction in the bank’s Individual Capital Requirement (ICR) following its standard Supervisory…
Co-op Bank completes £200m regulatory notes issuance
Manchester-based Co-operative Bank said on Friday it successfully closed the issue of its £200 million fixed rate reset callable notes due November 27, 2025. “The…
Co-op Bank gets takeover approach; Cerberus touted
Manchester-based Co-operative Bank said on Tuesday it has received an approach “regarding the possibility of a sale of the bank and/or the holding company.” Co-op…
Co-op Bank narrows 9-month loss to £68m
Manchester-based Co-operative Bank said on Friday it narrowed its loss in the first nine months of the year. Loss before tax was £68.1 million for…
Co-op Bank appoints its financial boss Slape as CEO
Manchester-based Co-operative Bank plc said on Tuesday it appointed its chief financial officer Nick Slape to the role of chief executive officer, effective October 31,…
Co-op Bank CEO Andrew Bester to step down
Manchester-based Co-operative Bank plc said on Tuesday that Andrew Bester intends to step down as its chief executive officer and as a director of its…
Co-op Bank to cut 350 jobs, close 18 branches
Manchester-based Co-operative Bank plc on Tuesday announced proposals to cut around 350 jobs and close 18 branches. “Aside from the specific branches affected, the reduction…
Co-op Bank in £44m loss, faces ‘material uncertainty’
Manchester-based Co-operative Bank plc said on Thursday it made a statutory loss before tax of £44.6 million in the six months ended June 30, 2020,…
Co-op Bank takes £12m Covid-19 hit in first quarter
Manchester-based Co-operative Bank said on Wednesday the impact of Covid-19 negatively affected its statutory loss before tax by about £12 million. In a first quarter…
Co-op Bank Q3 loss up 36% to £118m amid PPI charge
Manchester-based Co-operative Bank said on Thursday its third-quarter loss before tax increased 36% to £118.6 million, primarily reflecting a PPI (payment protection insurance) charge of £60…
Co-op Bank awards £141m mortgage contract to Capita
Outsourcing firm Capita plc said on Thursday it has renewed its contract with Manchester-based Co-operative Bank to run its mortgage servicing operation in the UK…
Co-op Bank narrows loss to £38.5m, cautions on future
Manchester-based Co-operative Bank plc said on Thursday it narrowed its statutory loss for the six months to June 30 to £38.5 million from a £39.5…
KPMG fined £5m over Co-op Bank audit
The Financial Reporting Council (FRC) said it has imposed sanctions against KPMG Audit Plc (KPMG) and its audit partner Andrew Walker following their admission of…
Co-op Bank hires CYBG’s Kerr to grow SME business
Manchester-based Co-operative Bank announced on Wednesday the appointment of Donald Kerr to the new role of Managing Director, SME Banking, as part of its bid…
Co-op Bank seeks to restore its ‘ethical’ brand
Manchester-based Co-operative Bank plc on Tuesday announced an update on its trading performance so far in 2018 as the self-styled “ethical bank” continues to recover from…
Co-op Bank finance boss to leave after year in job
Manchester-based Co-operative Bank plc said on Friday that Tom Wood, its chief financial and restructuring officer, “has decided to step down from his position following…
Co-op Bank hires ex-Lloyds executive as new CEO
Manchester-based Co-operative Bank announced on Monday the appointment of former Lloyds Banking Group executive Andrew Bester as its new chief executive officer. Co-operative Bank said in…
Co-op Bank CEO quits after less than 18 months
Manchester-based Co-operative Bank plc said late on Thursday that its CEO Liam Coleman has decided to step down from his position after less than 18 months during…
Co-op Bank loss narrows to £174m amid recovery
Manchester-based Co-operative Bank said on Wednesday it made a loss before tax of £174.4 million in 2017 compared to a loss before tax of £477.1…
FCA bans former Co-op Bank chair from industry
The UK’s Financial Conduct Authority (FCA) said it has banned the former chairman of Manchester-based Co-operative Bank plc Paul Flowers from the financial services industry….
Co-op Bank names Bob Dench as new chairman
Manchester-based Co-operative Bank plc said it will appoint Bob Dench as chairman effective March 14, 2018, succeeding Dennis Holt who is retiring in May 2018….
Co-op Bank CFO leaves after restructuring
Manchester-based Co-operative Bank said its chief financial officer John Worth is leaving the bank following the completion of its restructuring and recapitalisation earlier this month. “John…
Co-op Bank loses 25k customers amid £135m loss
Manchester-based Co-operative Bank said on Thursday its losses before tax narrowed to £135.2 million in the six months to June 30, 2017, from £177 million…
Co-op Bank agrees complex £700m rescue package
The troubled Manchester-based Co-operative Bank said on Wednesday it agreed a complex £700 million rescue package with its major investors that would shore up its…
Co-op Bank scraps sale to focus on raising capital
Troubled Manchester-based Co-operative Bank said on Monday it has dropped plans for a sale and will continue its “advanced” discussions with a group of existing investors…
Co-op Bank confirms ‘advanced’ rescue deal talks
Manchester-based Co-operative Bank on Monday confirmed that it is in “advanced discussions with a group of existing investors with a view to a prospective equity…
Co-op Bank says it received several offers in sale bid
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…
Co-op Bank says it has ‘credible’ possible buyers
Manchester’s up-for-sale Co-operative Bank said “a number of credible strategic and financial parties have expressed interest in the sale process and are currently evaluating information on the…
Co-op Bank reduces loss to £477m as it seeks buyer
Manchester’s up-for-sale Co-operative Bank said on Thursday its statutory loss before tax, still impacted by legacy issues, was reduced to £477.1 million in 2016 compared to a…
Co-op Bank puts itself up for sale
The Co-operative Bank, rescued from near collapse by hedge funds in 2013, said it has put itself up for sale amid a neeed to build its capital…
Co-operative Bank balances top £21bn amid H1 profit
Manchester-based Co-operative Bank said on Thursday it is on track for a return to “sustainable profitability” as it published results for the six months ended June…
£9.5bn revenue, but bank drags Co-op to £132m loss
The Co-op Group, based in Manchester, said its operating profit rose 32% to £148 million on revenues up 3% to £9.5 billion in the year to December 31. However, the mutual recorded a…
Co-op board changes as Debbie White becomes chair
Manchester-based mutual giant Co-op Group announced big board changes, with Debbie White becoming chair and Moni Mannings and Luke Jensen appointed as independent non-executive directors. White succeeds Allan…
Co-op sells £600m petrol business to Asda
Manchester-based Co-op Group announced it has sold its petrol forecourt estate to Leeds-based Asda for an enterprise value of £600 million. The Co-op said the enterprise value…
Co-op in talks for £450m petrol forecourts sale
Manchester-based Co-op Group is in talks to sell 130 of its petrol stations for about £450 million as it seeks to reduce its debts, according…
Bank North completes executive hiring spree
Manchester-based Bank North, the new regional business bank for small and medium enterprises (SMEs), has made a raft of executive appointments as it ramps up…
Addleshaw advises on £400m Co-op sustainable deal
Law firm Addleshaw Goddard said on Tuesday its banking team advised Manchester-based Co-op Group on the renewal of its £400 million banking facilities with a…
Co-op makes £72m profit on £9.5bn revenue
Manchester-based Co-op Group said it made 2017 profit before tax of £72 million following a loss of £132 million in 2016 that reflected the write down of…
Co-op half-year revenue steady at £4.6bn
Manchester’s Co-op Group said revenue fell slightly to £4.6 billion in the 26 weeks ended July 1 compared to £4.7 billion at the same stage last year…
Murrells to succeed Pennycook as Co-op CEO
The Co-op Group, based in Manchester, said Richard Pennycook is to step down as group CEO and will be succeeded by Steve Murrells, currently CEO of the Co-op’s food…
Virgin Money profit up 41% to £194m in digital push
Newcastle and Edinburgh-based challenger bank Virgin Money said its 2016 statutory profit before tax increased 41% to £194.4 million and its gross mortgage lending grew 12% to £8.4 billion, giving it…
AJ Bell appoints Fiona Clutterbuck new chair
Salford-based investment platform giant AJ Bell plc has announced the appointment of Fiona Clutterbuck as the non-executive chair of the company with effect from May…
FCA brings money laundering case against NatWest
The UK’s Financial Conduct Authority (FCA) announced on Tuesday it has commenced criminal proceedings against National Westminster Bank Plc (NatWest) — formerly Royal Bank of…
Harworth hires Shillaw as CEO amid ‘robust’ income
Rotherham-based property and land regeneration firm Harworth Group said on Thursday it appointed Lynda Shillaw of Town Centre Securities to succeed Owen Michaelson as Harworth’s…
Coronavirus could halve global growth says OECD
The coronavirus Covid-19 presents the global economy with its greatest danger since the financial crisis, according to the OECD’s latest Interim Economic Outlook. The Interim Outlook…
Provident Financial shares up as board is strengthened
Shares of embattled Bradford-based subprime lender Provident Financial rose about 7% on Tuesday as it strengthened its board with the appointment of Patrick Snowball as chairman and…