Co-Op plugs a £400m hole

Tim Wallace
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THE CO-OP Bank has filled its £400m capital hole, the lender said last night, as existing investors stumped up the majority of the funds needed.

It issued 200m new shares to fill the gap created by problems such as bad loans from the crisis era.

Hedge funds and the Co-op Group, who already owned the bank, used their rights as existing investors to contribute 92 per cent of the funds needed, and they were joined by new investors to buy the remaining stake.

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