The Co-operative Bank has received a £100m cash injection from its former parent as part of attempts to fill a £1.5bn black hole.
The bank's capital shortfall was revealed in June last year. Lenders agreed to bail out the bank at the end of 2013, after it was revealed that its former chairman, Methodist minister Paul Flowers, took drugs. The Co-operative Group, which used to wholly own the bank but now controls a 20% stake, made the £100m payment last month. > Read: Co-op posts £2.5bn loss after ‘disastrous' year < There had been fears the group, which faces its own issues in a fiercely competitive grocery market and amid an overhaul of its governance, would not be able to make the payments of £263m th...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
