The Co-operative Bank has been approached by a prospective buyer.
Guardian and Sky news identify as Cerberus Capital Management
In line with our formal recoginition agreement, the Co-op Bank informed the Customer Union on 17 November that it had received "a non-binding offer for the bank" and that "discussions are at a very preliminary stage". The bank went on to say that "Our priority and focus remains to deliver our agreed plan and transformation over the coming years". The formal announcement by the bank, made to conform with regulatory requirements is here:
The Guardian picked up the story and contacted us for comment:
The Guardian quoted Customer Union director, Ryan Brightwell, saying that any new owners must maintain the bank’s ethical position or risk losing customers, “If this takeover does go ahead, we’ll be looking for reassurances on that score.”
“If this takeover does go ahead, we’ll be looking for reassurances on that score.”
Not for the first time, Sky News appears to have been first to pick up the story and identify the prospective buyer, identified as Cerberus Capital Management:
The Customer Union will seek to ensure that, whatever happens, the bank sticks to its ethical principles, and we will look for any opportunity to establish a cooperative ownership stake in the bank.