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Co-Op Bank seeks 400 mln stg capital raise after review
March 24, 2014 / 7:20 AM / 4 years ago

Co-Op Bank seeks 400 mln stg capital raise after review

LONDON, March 24 (Reuters) - Britain’s troubled Co-operative Bank said on Monday it planned to raise around 400 million pounds ($660 million) of additional funds via new shares after finding that its capital position was weaker than intially thought.

The Bank, which is 30 percent owned by the Co-Operative Group, said it now expected to post an annual loss before tax and the impact of the profit generated by the 2013 Liability Management Exercise of between 1.2 billion pounds and 1.3 billion pounds.

Its core equity buffer is now expected to be around 7.2 percent versus the previous guidance of towards the upper end of a range of below 9 percent.

$1 = 0.6063 British Pounds Reporting by Kate Holton; editing by Paul Sandle

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