Regulatory Story
Go to market news section View chart   Print
RNS
Co-Operative Bank PLC (The)   -  42RQ   

Update on Sale and Capital Raise

Released 07:05 19-Jun-2017

RNS Number : 4313I
Co-Operative Bank PLC (The)
19 June 2017
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, JAPAN, CANADA, SWITZERLAND OR THE UNITED STATES OR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

 

The Co-operative Bank p.l.c.

19 June 2017

Update on Sale and Capital Raise

The Co-operative Bank p.l.c. (the "Bank") announced on 13 February 2017 that it was commencing a Formal Sale Process under the Takeover Code alongside considering other options to build capital, to meet the longer term capital requirements applicable to all UK banks.

The Bank notes recent media speculation and confirms that it is in advanced discussions with a group of existing investors with a view to a prospective equity capital raise and liability management exercise.

The Bank and other relevant parties continue active discussions regarding separation of the Co-operative Pension Scheme (Pace).

The Formal Sale Process continues. The Bank continues to fully discuss both the sale process and the capital raise options with the Prudential Regulation Authority (PRA), which has welcomed the sale and capital raise process.

A further update will be made when appropriate.

This announcement contains inside information. The person responsible for arranging the release of this announcement on behalf of the Bank is John Worth, Chief Financial Officer.

Investor enquiries:

Jonathan Berger, Head of Investor Relations: +44 (0) 7595 567502

Media enquiries:

Lesley McPherson, Director of Communications: +44 (0) 7725 903 270

Tony Langham, Lansons: +44 (0) 7917 186 239

Takeover Code Implications

A copy of this announcement (subject to any restrictions relating to persons resident in restricted jurisdictions) will be available at www.co-operativebank.co.uk/investorrelations/ promptly and in any event by no later than 12 Noon on 20 June 2017. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

About The Co-operative Bank

The Co-operative Bank p.l.c. provides a full range of banking products and services to almost 4 million retail and small and medium sized enterprises customers. The Bank is committed to values and ethics in line with the principles of the co-operative movement. The Co-operative Bank p.l.c. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Co-operative Bank p.l.c. customers are protected by the Financial Services Compensation Scheme in the UK.

No offer of securities

This announcement is not, nor should be construed as, an offer of, or solicitation of an offer to purchase or subscribe for, any securities to any person in any jurisdiction. In particular, this announcement does not constitute an offer for sale of, or a solicitation to purchase or subscribe for, any securities in the United States. No securities of the Bank have been, or will be, registered under the US Securities Act of 1933, as amended (the "Securities Act"), and securities of the Bank may not be offered or sold in the United States absent an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States.

Important notice

There is no guarantee that the current advanced discussions will successfully conclude such that an offer for, or investment into the Bank or a capital raise and/or liability management exercise is implemented either at all or in a form that will be supported by the Bank, its existing security holders and/or its regulators.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCEAKKNFEAXEEF
Close


London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

 


Update on Sale and Capital Raise - RNS