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Co-op Group writes down value of 20% stake in Co-op Bank

Co-operative Group Ltd. reduced the value of its 20% shareholding in Co-operative Bank Plc to zero at the end of 2016 from £140 million at half-year 2016, citing the uncertainty posed by the sale process recently launched by the troubled bank.

The stake was valued at £185 million at the end of 2015.

The group reported full-year 2016 loss attributable to members of the society of £134 million, compared to a restated profit of £15 million the previous year. The loss reflects a £74 million increase in finance costs due to the Co-op Bank stake write-down.