Bank of England steps up to push along Co-op Bank rescue plans, amid worries buyers might be shying away from the struggling lender

whatsapp Bank of England steps up to push along Co-op Bank rescue plans, amid worries buyers might be shying away from the struggling lender Hayley Kirton Sunday 19 March 2017 3:48 pm The Bank of England’s regulatory team has begun making plans of its own for Co-op Bank, as they become increasingly impatient with the troubled lender’s sale.The Co-op Bank, which is currently 20 per cent owned by the wider Co-operative Group, revealed last month it was looking for a buyer for the whole of the business.  whatsapp Up until that point, the bank was undergoing an ambitious turnaround plan, after a £1.5bn black hole was found in its accounts in 2013. However, it announced factors like lower for longer interest rates had put a crimp in its plans to raise capital organically. Read more: OneSavings boss: If Co-op Bank sale fails we’ll pick up the piecesNow, the Sunday Telegraph reports the Prudential Regulation Authority (PRA) has become concerned no buyer will be found in the near future and has turned to external advisers to help draw up alternative plans for the lender. It is reported these plans could go as far as starting the process of winding up the bank if it is clear there is no hope on the horizon. Co-op Bank, which announced a £477m loss for 2016, has already said it might have to ask investors for as much as £750m if a suitable buyer cannot be found.Although a few potential bidders have emerged for certain parts of the lender, such as particular mortgage books, there has been less interest in buying the bank as a whole. Challenger sources have previously told City A.M. would-be buyers are put off by, among other issues, the firm’s pension scheme burden.  Share Read more: Co-op Bank blames poor performance on decision to sellIf the PRA is forced to step in, it will mark the first time the Old Lady of Threadneedle Street has done so since 2009.The Bank of England and Co-op Bank both declined to comment. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeAffluent TimesNiagara Falls Was Drained And What Was Revealed Might Make You PukeAffluent Timesillusion.funIf You See Square Waves In The Ocean Get Out Of The Water Immediatelyillusion.funHousediverShortest Men In Hollywood Their Real HeightsHousediverMaster Degree Germany | Search AdsStudying a Master Degree in Germany Might be Easier Than You ThinkMaster Degree Germany | Search Adsbest10 prohibited foods to regulate blood sugarbestTravel PatriotLittle House On The Prairie Star Karen Grassle Is 79 Now And Looks Like ThisTravel Patriot10 Best Dog for Seniors10 Best Dog for Seniors – Carammello10 Best Dog for SeniorsThe AvengersTOP-15: Stars of the movie “The Avengers” and their life partners in reality.The AvengersMoneyPailWork-From-Home Jobs In ScottsdaleMoneyPail

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