Co-op loses majority bank control

Press Association
Co-op bank
Co-op bank

The Co-operative Group has struck a deal to save its battered banking arm by ceding control of the ethical lender to a group of powerful investors.

Co-op Group chief executive Euan Sutherland confirmed in a video message that the customer-owned group will be left with a 30% stake in the Co-operative Bank - but insisted the lender will retain its ethical values.