GO
Loading...

Co-op Bank apologizes, says won't make a profit in 2014 or 2015

Britain's Co-operative Bank apologized to customers on Friday after confirming a loss of 1.3 billion pounds ($2.2 billion) for 2013 and said it would not make a profit in 2014 or 2015.

Christopher Furlong | Getty Images News

The bank, which fell under the control of bondholders including U.S. hedge funds after a 1.5 billion pound capital shortfall was exposed, said there were significant issues which still needed to be resolved. It said last month it would need to raise a further 400 million pounds extra capital.

"We appreciate that customers and other stakeholders continue to feel angry about how past failings placed the future of the business so seriously at risk. I would like to apologize to them, to thank them for their continued loyalty and to thank colleagues for their commitment during such difficult times," Chief Executive Niall Booker said.

Follow us on Twitter: @CNBCWorld

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    To learn more about how we use your information,
    please read our Privacy Policy.
    › Learn More

Europe Video

  • Steve Pollard of Marex Spectron says coffee shipments from Brazil have been higher than expected, due to previous years' surpluses.

  • Every time the oil price looks positive or stable "out comes something negative," says Richard Mallinson, analyst at Energy Aspects.

  • Russia has been dominating the news recently and its economy is not looking good. Anastasia Nesvetailova, director at City University's political economy research centre explains more.