Announcement in connection with recapitalisation
The Co-operative Group and The Co-operative Bank have today decided that an independent committee of the Board of The Co-operative Bank be formed to consider third-party approaches in relation to the Group’s recapitalisation plan, ahead of the planned launch of the Exchange Offer in Q4. The Exchange Offer is part of the wider Capital Action Plan designed to stabilise and strengthen the Bank by raising £1.5bn of extra capital, up to £1bn of which is being contributed by The Co-operative Group.
The independent committee will consist of Richard Pym, The Co-operative Bank Non-Executive Chairman, Niall Booker, The Co-operative Bank Chief Executive and the independent non-executive directors of the Bank. The independent committee is in the process of retaining financial advisers. The Bank will continue to use its existing independent legal advisers.
As part of this process it has been agreed that Niall Booker step aside from his duties as Deputy Chief Executive of The Co-operative Group.
For further information contact:
The Co-operative Group
Tel: 07880 784442
Tel: 020 7353 4200