Co-op Bank’s PPI blow

Scottish Daily Mail - - City & Finance -

The Co-op Bank slumped fur­ther into the red af­ter set­ting aside an­other £60m for the PPI mis-sell­ing scan­dal.

This takes its to­tal com­pen­sa­tion bill to £600m.

The lender re­ported a loss of £118.6m for the nine months to Septem­ber, up from £87m in the same pe­riod last year, but it in­sisted its turn­around plans were ‘start­ing to bear fruit’. The Bank of eng­land has recog­nised the bank’s im­prov­ing fi­nan­cial sit­u­a­tion by re­duc­ing the amount of cap­i­tal it has to set aside to pro­tect it­self against fi­nan­cial shocks.

Chief ex­ec­u­tive An­drew Bester, who took charge last year, has been tasked with restor­ing the eth­i­cal bank to prof­itabil­ity af­ter years of tur­moil.

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