(Reuters) Britain’s Co-operative Bank, rescued from the brink of collapse by a group of hedge funds in 2013, has put itself up for sale as it seeks to build up its capital to meet regulatory requirements. The bank said on Monday that it had made considerable progress implementing its turnaround plan, cutting its cost base by a fifth since 2014.
But it still expects to make a “significant loss” for last year and said that building up capital has proved difficult given low interest rates.”As a result, and having concluded its annual planning review, the board is today commencing a sale process, inviting offers for all of the issued ordinary share capital in the bank,” the bank said.
