Hedge funds move in at Co-op Bank after yes vote allows them to take major stakes in the new group

The Co-operative Bank cleared the last major hurdle in its £1.5billion rescue plan on Friday as bondholders voted overwhelmingly to allow hedge funds to take major stakes in the new group.

The bank was close to being taken over by regulators earlier this year after suffering huge losses on commercial property loans and from its abortive bid to take over 632 branches of Lloyds.

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