Co-operative Bank in 'advanced' talks over rescue package

The Co-operative Bank says it's in

The Co-operative Bank says it's in "advanced discussions" over capital raise

The Co-operative Bank has confirmed that it is in advanced talks with existing investors about a possible rescue, amid reports that the Co-operative Group is concerned about a mooted £200m pension deal.

The US hedge funds are proposing the extra support for the pensions scheme in exchange for removing the Co-Op Bank's guarantee commitment, making the lender more attractive to a future buyer.

But it is understood that disagreements over funding its pension liabilities may scupper a £700m ($895m) rescue of the ailing lender.

Oscar's kicks spark on-field tussle in Chinese Super League
Then players, coaching staff and substitutes poured off the benches and waded in as Oscar lay face-down on the pitch. R&F apologised after the home side racked up five yellow cards in addition to the one red.

A further update, will be made "when appropriate", according to the Co-op.

Now the Co-Op Group pays GBP20.0 million in to the scheme annually, and the Co-Op Bank contributes GBP5.0 million, with both sides guaranteeing the future of the scheme should the other collapse.

Meanwhile, the bank said that as well as exploring potential recapitalisation it was also proceeding with its sale process.

ICC Champions trophy : Virat Kohli says, Pakistan can upset any team
Like Pakistan, India also have two members of that side playing in tomorrow's final - Rohit Sharma and Ravindra Jadeja. Don't wish to get into the details on who won them the games", Sohail said during a programme on a Pakistani channel.

The Co-op Bank added that the formal sale process continues, and the bank continues "to fully discuss both the sale process and the capital raise options" with the Prudential Regulation Authority, which it said has welcomed the sale and capital raise process. It had previously priced its stake in the business at £140m.

Sources said that the Co-operative Group, which now owns a 20 per cent stake in the bank, was demanding a more robust financial package to protect the 90,000 members of their joint retirement scheme.

Co-op bank, which has four million customers, reported an annual loss of £477m in March, bringing its cumulative losses over the last five years to more than £2.7bn.

Eoin Morgan admits to England regrets after dismal Champions Trophy exit
Pakistan had collapsed to 162 for seven chasing 237 against Sri Lanka but, two days on, there was no repeat of that batting slump. The first & second wicket partnership scored a worthy 118 runs when Fakhar Zaman was dismissed for 57 runs.

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