Co-op Bank racks up more losses as it seeks buyer

Chief executive Liam Coleman said he was “pleased” with the response so far from suitors following the group’s move to launch a sale process amid concerns over its balance sheet strength, reports The Telegraph.

The bank, which has around four million customers, posted losses of £477.1m for 2016 as it continued to be hit by “legacy issues” of the past and rock-bottom interest rates, although it narrowed losses from £610.6m in 2015.

Mr Coleman said the group faced “a number of challenges” last year.

He added: “Obviously, we are only a few weeks into the sale process but we are pleased with the interest to date and engaging with potential bidders as planned.”