British Co-op Bank suffers vast loss, expects no profit in 2 years

0 Comment(s)Print E-mail Xinhua, April 12, 2014
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The Co-operative Bank, a retail and commercial bank in Britain, Friday admitted it had made a loss of 1.3 billion pounds (2.2 billion U.S. dollars) last year and did not expect a profit for the next two years.

The bank came to a crisis last year after regulators commanded it to increase its capital cushion by 1.5 billion pounds.

It needed to raise 400 million pounds to cover the cost of past misconduct. However, its parent company the Co-operative Group has not decided whether to back the troubled bank.

The Group, which owns 30 percent stake of the bank, is a British consumer cooperative with a diverse range of retail businesses.

Niall Booker, chief executive of the bank, apologized to customers and investors for the situation.

"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," Booker said.

"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."

The bank will refuse to pay bonuses to former executives who left the bank after its financial crisis last year. Endi

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