Tom Wood has decided to step down as chief financial and restructuring officer of Co-operative Bank PLC following "significant progress" made with the bank's restructuring over the past 12 months, the lender said.

Wood was already chief restructuring officer of the bank when he took on the additional CFO role in September 2017, replacing John Worth.

The bank said Wood will remain in his current role until a replacement is appointed and that a formal search process will begin in due course.

In 2017, Co-operative Bank underwent a £700 million restructuring and recapitalization plan under which a group of existing investors swapped their bond holdings for shares in the company.