Arab Today, arab today coop bank needs £15bn more capital
Last Updated : GMT 14:14:26
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Co-op bank: Needs £1.5bn more capital

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Arab Today, arab today Co-op bank: Needs £1.5bn more capital

London - AFP

The Co-operative Bank on Monday said that it was putting in place a plan to increase its capital cushion by an additional £1.5 billion to tackle a hole in its balance sheet. The bank, which as a so-called mutual is owned by its 4.7 million customers, said in a statement that it would raise the new capital by issuing a bond and new shares, with £1.0 billion being raised this year and the remainder in 2014. \"We have put in place a detailed and comprehensive solution to meet the current and longer-term capital requirements of the Bank. In doing so we have agreed a plan to ensure its future,\" said Euan Sutherland, chief executive of The Co-operative Group, the bank\'s parent.  

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