Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Co-operative Bank looking for buyer amid profits slide

by November 9, 2023
November 9, 2023
Co-operative Bank looking for buyer amid profits slide

A potential sale of the Co-operative Bank has taken a twist after the lender revealed that its profits had been hit by rising costs.

The bank, owned by a group of hedge funds and private equity firms, confirmed for the first time yesterday that a deal was on the cards by disclosing in its third-quarter results that it was “exploring potential strategic opportunities”. It follows speculation about the future of the bank after it emerged in April that its owners were considering a sale.

Yesterday the bank reported a 21 per cent fall in its pre-tax profits for the first nine months of the year to £81.1 million.

Profits were weighed down by a 17 per cent rise in operating expenditure to £316.2 million, which Co-op Bank blamed on “strategic investment in our mortgage and savings transformation programme” as well as costs associated with a decision to bring in-house its mortgage services operations that had been outsourced to Capita. This has resulted in 400 people joining the bank.

The lender was previously part of the Co-operative Group but two bailouts, in 2013 and 2017, severed its ties with the mutual and resulted in US hedge funds and private equity taking control.

Nick Slape, chief executive for the past three years, has driven a turnaround which in 2021 returned it to profitability after a decade of losses.

“Following the bank’s strong recovery and growth in the past three years, the bank is exploring potential strategic opportunities, the assessment of which is currently at a preliminary stage,” the lender said. “There is no guarantee that such discussions will result in any eventual transaction.”

Shawbrook, a specialist lender, is understood to have made a bid for Co-op Bank. The sale process is being run by investment bankers at PJT Partners and Fenchurch Advisory.

Read more:
Co-operative Bank looking for buyer amid profits slide

0
FacebookTwitterGoogle +Pinterest
previous post
Shell sues Greenpeace for $2.1m in damages over fossil fuel protest in North Sea
next post
London office rates rise prompted by four-day work week

You may also like

How does the heavy machinery removal process work?

March 26, 2025

Evri named UK’s worst delivery service as nearly...

October 28, 2024

Octopus Energy and The Hill Group partner to...

December 13, 2023

Scottish Power owner urges Labour to scrap Miliband’s...

March 10, 2025

From Grief to Growth: The Transformative Journey of...

March 18, 2024

Regulators take over Silicon Valley Bank as failure...

March 12, 2023

Code First Girls Teaches Tech Skills to Over...

June 20, 2024

Fifth of UK office space fails EPC energy...

July 17, 2023

First-time homeownership slips further out of reach without...

February 19, 2025

BT Scraps Digital Landline Switch Deadline Amid Vulnerability...

May 21, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Government urged to tackle ‘self-employed pension crisis’ as report warns of widening savings gap

      August 12, 2025
    • UK jobs market cools as wage growth slows and vacancies fall amid higher business taxes

      August 12, 2025
    • Harry and Meghan sign new multi-year Netflix deal

      August 12, 2025
    • The Entertainer to become employee-owned as founder hands over UK’s biggest toy shop chain to staff

      August 12, 2025
    • Tata steel UK CEO Rajesh Nair appointed chair of UK Steel

      August 12, 2025
    • HMRC admits using AI to monitor taxpayers’ social media

      August 12, 2025

    Categories

    • Business (8,756)
    • Investing (2,196)
    • Politics (16,363)
    • Stocks (3,228)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved