UK's Co-op to cede control of banking arm in 1.5 bln stg rescue
LONDON Nov 4 (Reuters) - The Co-operative Group on Monday confirmed it will cede control of its banking arm to bondholders to plug a 1.5 billion pound ($2.4 billion) capital shortfall.
Co-op Group said it will remain the biggest shareholder in the Co-operative Bank, retaining a stake of 30 percent in return for contributing funds of 462 million pounds towards the rescue plan.
Co-op said it would seek to list the bank on the London Stock Exchange in 2014.
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