Britain’s Co-op Group has sold its last remaining stake in the struggling Co-op Bank as its food business continues to grow and outperform the market. In an end of an era for the mutual, Steve Murrells, group chief executive, said it had disposed of its 1 per cent stake for £5 million because it was “the logical and right thing to do”. The Co-op’s stake in the bank has been falling over the years following a rescue by hedge funds in 2013 as well as a £700 million recapitalisation earlier this year. He said the bank will keep the Co-op brand assuming it maintains the ethical policy in its articles of association and until 2020 bank customers can still become members of the Co-operative.

Source: The Times September 21, 2017 16:07 UTC