The Co-operative Bank will cease to be majority owned by its mutual parent after a drastic rescue plan is finalised, according to reports by Sky News City editor Mark Kleinman.
After revealing a £1.5bn capital black hole in June the troubled bank has looked for investment to plug the gap. This morning it announced that it would set aside a further £100-105m to deal with conduct costs (largely relating to PPI).
Despite marketing itself as an ethical provider of financial services, the bank is now losing that shine. The bank is now in a mess that could take four or five years to emerge from, said the unit boss Niall Booker in August.