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News & Announcements

Recent Articles

November 2013

The Co-operative Group and The Co-operative Bank Liability Management Exercise – Announcement of Early Participation Results and satisfaction of the Early Participation Threshold condition

Retail bondholders back The Co-operative Bank Recapitalisation Plan

 

The Co-operative Bank discretionary coupon on 5.5555% Perpetual Subordinated Bonds

On 4 November 2013, The Co-operative Bank p.l.c. (the “The Co-operative Bank”) announced that, in the context of the Liability Management Exercise announced by The Co-operative Bank and Co-operative Group Limited on that date, it intended to defer the discretionary interest payment on its 5.5555% Perpetual Subordinated Bonds (ISIN: GB00B3VMBW45) (the “5.5555% Bonds”) scheduled for 14 December 2013. The Co-operative Bank is now giving formal notice of such deferral to holders of the 5.5555% Bonds, in accordance with the terms of the 5.5555% Bonds.

 

The Co-operative Group announces Recapitalisation Plan for The Co-operative Bank

Update on The Co-operative Bank’s strategic plan and on the Recapitalisation Plan to generate £1.5 billion of Common Equity Tier 1 for the Co operative Bank to meet the Prudential Regulation Authority’s capital requirement

 

A video message from Euan Sutherland

Euan Sutherland, The Co-operative Group Chief Executive, has recorded a short video message to update members, customers, colleagues and investors on the £1.5bn Recapitalisation Plan for The Co-operative Bank

 

October 2013

Update on Recapitalisation Plan for The Co-operative Bank

Following the announcements we have made today, Euan Sutherland has recorded a short video to update on our plans for the recapitalisation of the Bank.

 

Notice of suspension of listing from the Official List and trading on the London Stock Exchange

The Bank requested the suspension following the announcement by The Co-operative Group Limited (the “Group”) regarding the engagement it has been having with holders of Relevant Securities regarding the recapitalisation plan for the Bank.

 

Update on provisions for conduct risk

Since the publication of The Co-operative Bank’s unaudited 2013 first half accounts on 29th August 2013, the Bank has been preparing for the announcement of its recapitalisation plan, which may require the Bank to issue certain public documents.

 

September 2013

Understanding the new current account switch service

With the launch of the new current account switch service, there is no better time to change your bank.

 

August 2013

2013 interim results

Interim results for The Co-operative Group for the 26 weeks ended 6 July 2013

 

Appointment of Non-Executive to the Board of The Co-operative Bank Plc

Euan Sutherland (Co-operative Group Chief Executive), has been appointed as a Non-Executive Director on the Board of The Co-operative Bank Plc.

 

The Co-operative Group confirms the disposal of life insurance and asset management businesses

Further to the announcement on 26 July 2013, Co-operative Banking Group, part of The Co-operative Group, confirms that it has completed the disposal of its life insurance and asset management businesses to Royal London.

 

July 2013

Sale of Life Insurance and Asset Management Business

Co-operative Banking Group Limited, part of Co-operative Group, announces that the Prudential Regulation Authority and Financial Conduct Authority have approved the sale of its life insurance and asset management businesses to Royal London. The completion of the sale is part of Co-operative Group’s comprehensive plan to significantly strengthen the Bank’s capital base.

 

Publication of Interim Results

Co-operative Group Limited and The Co-operative Bank plc will publish interim results for the six months to 30 June 2013, for both Co-operative Group Limited and The Co-operative Bank plc, on 29 August 2013.

 

The Co-operative Bank discretionary coupon on 13% Perpetual Subordinated Bonds

In the announcement of 17 June 2013 of its capital action plan, the Board of the Co-operative Bank confirmed that it would only pay discretionary coupon payments on Target Securities with the permission of the Prudential Regulation Authority (PRA). The Bank announces today (12 July 2013) that such permission, after full consideration by the PRA, has not been granted in respect of the discretionary coupon payment on the 13% Perpetual Subordinated Bonds (ISIN GB00B3VH4201) (13% Bonds) scheduled on 31 July 2013.

 

Launch of Independent Review Into Co-operative Bank

The Co-operative Group and The Co-operative Bank today announce the launch of an independent review, to be chaired by Sir Christopher Kelly, into the events that led to the recent announcement of The Co-operative Bank’s capital action plan to address its £1.5bn capital shortfall.

 

June 2013

The Co-operative Group announces outcome of review of The Co-operative Bank’s capital position


Comprehensive plan agreed to generate capital and provide stability

 

Interview with Euan Sutherland on the Bank capital plan


The Co-operative Group announces outcome of review of The Co-operative Bank's capital position

 

The Co-operative Group announces significant strengthening of top team


Appointment of Group Finance Director of The Co-operative Group and Chair of The Co-operative Banking Group and The Co-operative Bank

 

Director Resignations


The Co-operative bank announces the resignations of Martyn Wates and David Davies

 

May 2013

Talking ATMs


The Co-operative Bank to roll-out ‘talking ATMs’ to assist blind or partially sighted customers

 

The Co-operative Banking Group Statement on Moody’s Downgrade


The Co-operative Banking Group has issued the following response to the recent Moody’s rating agency downgrade

 

Barry Tootell Leaves The Co-operative Banking Group


Barry Tootell, CEO, The Co-operative Banking Group, has chosen to step down from the business and from the Board of The Co-operative Bank plc

 

uSwitch Current Account Customer Satisfaction Awards


The Co-operative Bank and smile have won and come top rated in several categories in the uSwitch Current Account Awards.

 

For older articles, see the news archive