Co-op Bank chief exec Coleman to step down

The Co-operative Bank has announced the departure of its chief executive after just a year and a half in the role, leaving the door open for a fresh face at the head of the recently rescued lender.

It said Liam Coleman has decided to step down after five years at the bank and the completion of its recapitalisation deal last year.

While Coleman has been at Co-op Bank since 2013, he only took the top post in Jan- uary last year after serving as treasurer, director of its retail and commercial bank and later as deputy chief executive.

A successor is yet to be announced, but the bank said it was “mindful of the need to manage an orderly succession” and would keep Coleman on board as it searches for his replacement.

Themovecomesjustmonths after the bank ushered in new chairman Robert Dench to replace Dennis Holt, and nearly a year after it struck a £700 million rescue deal that saved it from potential collapse.