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Co-Operative Bank (42RQ)

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Friday 07 April, 2017

Co-Operative Bank

Sale and capital raise moves forward next phase

RNS Number : 8678B
Co-Operative Bank PLC (The)
07 April 2017
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN, CANADA, SWITZERLAND OR THE UNITED STATES OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

 

The Co-operative Bank p.l.c.

 

 7 April 2017

 

Sale and capital raise process moves forward to next phase

 

The Co-operative Bank p.l.c. (the "Bank") announced on 13 February 2017 that it was commencing a sale process alongside considering other options to build capital to meet the longer term capital requirements applicable to all UK banks. The Bank provided an update on progress on 24 March.

 

The Bank has received a number of non-binding proposals from strategic and financial parties. The Board has selected several parties to enter a further phase during which these parties will be provided with additional information.  Each of the preliminary offers selected includes some form of liability management exercise.

 

In parallel, the Bank continues to have discussions with existing and other potential new investors on options to build capital.

 

The Bank continues to fully discuss both the sale process and the capital raise options with the Prudential Regulation Authority (PRA), which has welcomed the actions being taken.

 

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.

 

This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of the Bank is John Worth, Chief Financial Officer.

 

Investor enquiries:

 

Gary McDermott, Investor Relations:  +44 (0) 161 201 7805

 

Media enquiries:

 

Lesley McPherson, Director of Communications: +44 (0) 7725 903 270

 

Tony Langham, Lansons: +44 (0) 7979 692 287

 

About The Co-operative Bank

 

The Co-operative Bank p.l.c. provides a full range of banking products and services to almost 4 million retail and small and medium sized enterprises customers. The Bank is committed to values and ethics in line with the principles of the co-operative movement. The Co-operative Bank p.l.c. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Co-operative Bank p.l.c. customers are protected by the Financial Services Compensation Scheme in the UK.

 

Website

 

A copy of this announcement (subject to any restrictions relating to persons resident in restricted jurisdictions) will be available at www.co-operativebank.co.uk/investorrelations/ promptly and in any event by no later than 12 Noon on 10 April 2017. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

 

No offer of securities

 

This announcement is not, nor should be construed as, an offer of, or solicitation of an offer to purchase or subscribe for, any securities to any person in any jurisdiction. In particular, this announcement does not constitute an offer for sale of, or a solicitation to purchase or subscribe for, any securities in the United States. No securities of the Bank have been, or will be, registered under the US Securities Act of 1933, as amended (the "Securities Act"), and securities of the Bank may not be offered or sold in the United States absent an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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