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Co-op Bank review blames downfall on Britannia takeover

An independent review of the problems which led to a 1.5 billion pound ($2.5 billion) funding gap at Britain's Co-operative Bank has concluded the roots of its problems lay in its 2009 takeover of the Britannia Building Society.

Simon Dawson | Bloomberg via Getty Images

The report by Christopher Kelly, which was commissioned by the Co-op last year, said the bank's demise reflected a "sorry story of failings in management and governance on many levels".

Co-op Bank said it broadly accepted the report's findings.