The Co-operative Bank has confirmed that it is in advanced talks over a prospective equity capital raise and liability management exercise .
The bank was responding to recent media speculation over a possible equity capital raise and revealed that it was in talks with a group of existing investors over this.
John Worth, chief financial officer at Co-operative Bank, stated: “The bank and other relevant parties continue active discussions regarding separation of the Co-operative Pension Scheme (Pace).
“The formal sale process continues.
“The bank continues to fully discuss both the sale process and the capital raise options with the Prudential Regulation Authority (PRA), which has welcomed the sale and capital raise process.”
Co-operative Bank announced it would be commencing its formal sale process under the takeover code on 13th February 2017.
The bank is considering other options to build capital in order to meet the longer-term capital requirements applicable to all UK banks.
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