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Co-op Bank apologises, says won't make a profit in 2014 or 2015
April 11, 2014 / 6:15 AM / 3 years ago

Co-op Bank apologises, says won't make a profit in 2014 or 2015

LONDON, April 11 (Reuters) - Britain’s Co-operative Bank apologised to customers on Friday after confirming a loss of 1.3 billion pounds ($2.2 billion) for 2013 and said it would not make a profit in 2014 or 2015.

The bank, which fell under the control of bondholders including U.S. hedge funds after a 1.5 billion pound capital shortfall was exposed, said there were significant issues which still needed to be resolved. It said last month it would need to raise a further 400 million pounds extra capital.

“We appreciate that customers and other stakeholders continue to feel angry about how past failings placed the future of the business so seriously at risk. I would like to apologise to them, to thank them for their continued loyalty and to thank colleagues for their commitment during such difficult times,” Chief Executive Niall Booker said.

$1 = 0.5961 British Pounds Reporting by Matt Scuffham; Editing by Laura Noonan

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