The bank is saying it has met its capital raising target sooner than expected with commitments from shareholders totalling £400m. This includes the Co-operative Group who, as expected, will be diluted to 20% but will remain the largest single shareholder.
In the news release, chief exec Niall Booker is quoted:
“This capital will strengthen the Bank for our customers and enable us to continue with our business plan, which aims to return the Bank to its roots as a bank focused on our retail and SME customers with values and ethics at the heart of what we do"
“We have a strong relationship with all our major Shareholders and we thank them for their ongoing support. Values and ethics remain at the heart of the Bank’s business, as evidenced by the fact they are embedded in the Bank’s articles of association, and this is supported by our Shareholders who recognise the importance of this to the future of the Bank and its customers.”
Now the capital hole has been filled Save Our Bank will be looking for evidence from senior management that these are more than warm words.