Co-op Bank sale is off

THE Co-operative Bank has taken down the ‘for sale’ sign after months of trying to find a buyer.

The bank said it was instead in advanced talks with existing investors.

They are believed to be planning to pump in £700m to prop up the beleaguered lender, which has 4m customers. Co-op, which put itself on the market in February after it was rescued from near-collapse in 2013, said it had decided to discontinue the sale due to the advanced nature of the talks.

The bank, which this year reported its fifth consecutive annual loss, said it is targeting sustainable profitability over the medium term with the potential to pay a dividend to shareholders in 2021.