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Co-op Bank receives nonbinding bids

Co-operative Bank Plc said April 7 that it received a number of nonbinding proposals for a stake in the bank and that the board selected several to enter the next phase of the sale process, during which they will receive additional information.

All of the selected preliminary offers include some form of liability management exercise, the lender said.

The bank is also in talks with existing and potential investors to build up capital.

Yet it cautioned: "There can be no certainty that any offer will be made for the bank or as to the level of any proposal or offer that may be made nor that the bank will pursue, or successfully implement, an equity raise and/or a liability management exercise of its outstanding public debt."