50 branches go in Co-op Bank rescue
AROUND 50 branches are to close as control of the Co-operative Bank is handed to a group of investors as part of a rescue plan.
The Co-operative Group said investors who bought bonds in its troubled banking arm, including US hedge funds, will be given 70 per cent of the bank, leaving it with 30 per cent
The revised rescue plan aims to plug a £1.5bn black hole in the bank’s finances caused by the purchase of the Britannia Building Society and aborted plans to buy hundreds of Lloyds Bank branches.
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