The Co-op Bank puts pay-day lenders, irresponsible gamblers and tax avoiding firms on its naughty list as it updates its ethical policy January 20, 2015 Irresponsible gambling firms, pay day lenders and companies “which do not responsibly pay tax in the UK” have been put on the Co-operative Bank's new naughty list of firms it will not finance. As part of an extended ethical policy, the bank will also detail how it operates, covering everything from the products and [...]
Co-operative Bank to speed up toxic loans sell off after failing Bank of England stress tests December 16, 2014 The Co-operative Bank was the only lender to fail the Bank of England’s stress tests yesterday. As a result, it is accelerating its plan to sell off or run down a £6.6bn book of bad loans from the pre-crash era. Eight high street institutions’ finances were tested to see how they would cope with a hypothetical [...]
Co-op fails Bank of England stress test, RBS and Lloyds at risk December 16, 2014 The Co-operative Bank has failed the Bank of England’s (BoE) stringent new stress test, while Lloyds and RBS would be at risk in a new economic crisis. The prudential regulation authority (PRA) tested seven banks and building society Nationwide to see how they would handle a financial meltdown of epic proportions. While Lloyds, Standard Chartered, [...]
Co-op calls off a key vote before stress test result December 4, 2014 The Co-operative Bank cancelled a key meeting with investors, postponing a vote on its directors’ bonus packages. The troubled lender is widely expected to fail the Bank of England’s stress tests, the results of which are published on 16 December. It has a plan in place to improve its capital position, but this could be [...]
Co-op Bank appoints Dennis Holt as chairman October 27, 2014 The Co-operative Bank has confirmed Dennis Holt as chairman of the board, a month after he stepped in on an interim basis. Holt joined the troubled bank as a senior independent director in February of this year, and was promoted when Richard Pym stood down to join Allied Irish Banks at the start of [...]
SuperGroup share price slides as former Co-op boss Euan Sutherland replaces Julian Dunkerton as chief executive October 22, 2014 The former boss of The Co-operative Group, who jumped ship from the troubled company he once called "ungovernable" in March after only 10 months in charge, has been named the new chief executive of Supergroup. Euan Sutherland will replace Julian Dunkerton, the man who founded the group’s fashion brand SuperDry, who becomes product and brand director. [...]
The Co-operative Group completes £620m pharmacy deal with Bestway October 6, 2014 The Co-operative Group has completed the sale of its pharmacy business to Bestway for £620m today, with the funds going to pay down some of the mutually-owned company's debts. The completion follows the announcement this summer that Bestway had emerged victorious from a hotly contested bidding war for the chemist arm. Bestway fought [...]
The Co-operative strips its board down to seven members in a bid to recover from £1.5bn capital hole scandal October 1, 2014 The Co-operative Group has cut down its board to seven members after agreeing to changes to the way it's governed following a mismanagement scandal that's plagued the group for over a year. Eleven directors have left the firm to create the new “transitional board” of seven members, with two more soon to join – [...]
Co-op Bank takes to ink in bid to win back consumers with tattoo ethics vow September 30, 2014 The Co-op Bank is launching a new series of adverts aimed at rebuilding its brand as an ethical lender, starting on TV tonight. Its reputation took a blow last year when it was bailed out by hedge fund investors. The Co-op Bank is thought to have been one of the losers of the seven-day current [...]
Co-operative Group hires City headhunters to find board members September 7, 2014 The Co-operative has kicked off its search for a new chair by appointing City headhunters Odgers Berndtson to grill potential applicants for the high profile role. The mutual, currently chaired by Co-op insider Ursula Lidbetter, is hunting for the first independent chairman in its 150-year history in the wake of radical governance reforms voted through [...]