Business World

Thursday 18 September 2014

Co-op Bank apologises, says won't make a profit in 2014 or 2015

Published 11/04/2014 | 07:54

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The Co-operative Bank apologised to customers on Friday after confirming a loss of £1.3bn for 2013 and said it would not make a profit in 2014 or 2015.

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The bank, which fell under the control of bondholders including U.S. hedge funds after a £1.5bn capital shortfall was exposed, said there were significant issues which still needed to be resolved. It said last month it would need to raise a further £400m extra capital.

"We appreciate that customers and other stakeholders continue to feel angry about how past failings placed the future of the business so seriously at risk. I would like to apologise to them, to thank them for their continued loyalty and to thank colleagues for their commitment during such difficult times," Chief Executive Niall Booker said.

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