Co-Op Bank still in red despite slashing annual loss by £133.5m

The Co-operative Bank has posted multi-million pound losses for 2016 as it continues to seek a buyer.

The Manchester-headquartered lender, which put itself up for sale in February, said it is in discussions with potential bidders.

Liam Coleman, the firm’s chief exec, said he is “pleased” with the response so far.

But today (March 9), the Co-Operative Bank revealed that it remained deep in the red in 2016 after posting losses of £477.1m.

Attributed to “legacy issues” and low interest rates, the figure was however slashed from 2015’s loss of £610.6m.

Nevertheless, Mr Coleman said he believes the bank made “significant progress” in its turnaround plan in 2016, with “strong” levels of new mortgage business and a growing number of current account holders.

Speaking further, he said: “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.

“This is a great retail bank and one that is valued by our 4 million loyal customers.”

Mr Coleman added: “We believe there is opportunity and potential to build on the progress made and on our distinctive ethical position.”

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