Co-op probe into £1.5bn black hole

The Co-operative Group is to launch a probe into how its banking arm ended up with a £1.5 billion black hole which will need rescuing by small investors.

The food-to-funerals group is close to appointing a senior independent figure to head the inquiry into its disastrous acquisition of Britannia Building Society and failed takeover of more than 600 Lloyds bank branches.
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