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Breakingviews: Co-op Bank looking ever less cooperative

Monday, March 24, 2014 - 03:16

Mar. 24 - The troubled UK lender needs another £400 mln of equity. Its mutual backer, the indebted Co-op Group, may be diluted further. Given its track record, that may be no bad thing, says Breakingviews.

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A massive capital whole drug scandal the abrupt exits it CEO what does an extra couple. Chris hughes' side of me and it's or -- is breaking news they now need we -- -- -- 400 million selling to -- to cover bad debts. The what's the prognosis. They'll give Politico is this that we had a massive restructuring roster than either one point five billion you're cool what was -- really cool to this crisis racing that equity. On hold whose goal very badly burned on that when they were failed in even retail the forces. -- -- -- Got -- it was a politically for. Process. And we thought that was that was -- dropped on and it turns out -- listed as a as another for the millions needed. The difficulty is that Edwards terrain side too hard to fill look the first couple goes and fights. It's not clear ray whether the cooperate which -- -- a big stake that it about that -- the sense -- really strong public full amount. That you expected to rise -- -- -- put. What do what does it say about the -- Well I would put either resign Austin's opponent -- mine is the senior independent director has warned that they -- the needs reform or face extinction. Well the moment the influence of the a co. Group of mutual party used. Was -- values. And that's itself through the state of the corporate hold candles slave and it's written into the -- banks all schools association. That house to. -- even a certain way. So it. To an extent if there is a sort of formal underpinning all of hold. You know the old how far up you know with these harmful strains. It looks like the influence of the carpet is going to be -- to be from. Hand moved within these -- -- it's called the same kind of problems the same kind of it. Conduct issues I guess we've seen across as I have I consider whether mutual. War in a privately held so it can hear that I held all the follow. Also of the highest on -- and is getting the same kinds of finds they have -- it is it possible. -- -- it. The to have exposed to more ethical mobile. You know I'm from what we behave and behave. And it any differently are making money that the federal though there is not all that is that there's a pretty well the USP here is really being determined clearly. Or thanks to behave ethically and make money and have -- NF Kuwait but. The USP difficult to -- is really the -- typically can't hold itself up and fight that we're different. And it doesn't have -- -- -- -- is currently constrained -- -- -- and -- -- defended itself against them is facing different situation. There's many things about Chris -- from. What is breaking views of you -- watching US show. At 12:30 eastern 1730 GMT. Every day on them on on the platform who read these pieces of course on the -- what does breaking news website. -- problems is sort.

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Breakingviews: Co-op Bank looking ever less cooperative

Monday, March 24, 2014 - 03:16