Bank announces second round capital raising

The bank today issued a press release detailing its plan to raise £400m additional capital.

It says it is confident it will raise the money, and that it has commitment from 5 largest shareholders, including The Co-operative Group, to subscribe to new shares.

The Co-operative Group responded:

“The Co-operative Group notes today’s announcement from The Co-operative Bank in relation to its £400m capital raising and confirms its participation. While the size of the Group’s shareholding will be reduced following the capital raising, we will retain a significant stake and expect to remain the single largest shareholder. The Group remains supportive of the Bank and its strategy.”