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Report: Co-operative Bank to name advisers for recovery plan

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Report: Co-operative Bank to name advisers for recovery plan

Co-operativeBank Plc is expected to hire investment bankers to advise it on itsrecovery strategy as speculation mounts that a sale of the troubled lender isinevitable, Sky News reported.

However, according to "people close to the bank,"advisers are being sought for general corporate counseling and not to advise ona sale.

Co-operative Group Ltd., which wrote down the value of its20% stake in Co-op Bank earlier in 2016, is expected to soon appoint itsrepresentative to the bank's board, according to the July 19 report. Bankingsources believe the group is likely to sell its stake in the bank in the nextfew years, possibly under a merger arrangement with a challenger bank.

Earlier in July, the lender named John Worth even as Niall Booker prepares to step down,Sky added.

The bank booked a full-year 2015 attributable to equity holders of£623.3 million.