Save Our Bank on The Co-operative Bank's new capital requirements
In reaction to news that the Co-op Bank needs a further capital injection of £400m, The Save Our Bank campaign made the following statement:
"It's troubling to hear that The Co-operative Bank needs a further capital injection, and we hope that this will not lead to a dilution in The Co-operative Group's 30% shareholding. Indeed we would like to see the bank prioritise raising capital from ordinary customers, members and long-term investors such as pension funds, rather than relying on short-termist organisations like hedge funds.
We will be pressing the bank on behalf of the thousands of customers who have signed up to the Save Our Bank campaign to reassure customers that the ethical policy will not be watered down by the new owners, and we are developing plans for a shareholder trust to build a new co-operative stake in the bank."