Co-op Bank agrees rescue deal
The Co-operative Bank has agreed a £700m rescue with its lenders but the deal will leave the Co-operative Group with just a 1% stake in the bank.
The beleagured bank, which was first put up for sale at the start of the year before scrapping the sale process earlier this week, will raise £250m of new equity from existing investors and £450m from bondholders swapping into equity.
The capital injection means the bank will avoid being wound down by the Bank of England but it will also leave retail bondholders with less than half ... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
