Co-op chief: £400m to 'reset starting point'

Co-op's Chief executive Niall Booker said the proposed £400m capital needed for its banking arm would enable to "reset this starting point" and continue with the "execution of our original business plan."

  • The bank said continuing "root and branch" reviews of processes, procedures and documentation had produced further conduct and legal issues.
  • One-off costs associated with the separation of the bank from the Co-operative Group have proved more costly, time-consuming and more complex than anticipated.
  • Its capital ratio - a measure of its financial strength - is now expected to be around 7.2%, compared with previous guidance of near 9% and against the regulatory minimum requirement of 7%.