Co-op Bank confirms interest from 'credible' financial parties

The Co-operative Bank said on Friday that a number of "credible strategic and financial parties" have expressed interest in the sale process and are currently evaluating information on the bank.

The bank, which almost collapsed back in 2013 due to a £1bn black hole in its finances, announced on 13 February that it was beginning a sale process and considering other options to build capital, as it failed to satisfy the Bank of England's regulatory requirements.

It has requested that preliminary expressions of interest be submitted in the first half of April.

"Following an assessment of those preliminary expressions of interest, the bank plans to proceed to a second phase of the sale process where selected parties will be provided with additional information in order to continue their due diligence with a view to making an offer for all of the issued ordinary share capital of the bank."

The Co-op added that there can be no certainty an offer will be made or that any offer will be on terms acceptable to it and its shareholders.

In parallel with the second phase of the sale process, the bank will continue to have discussions with existing equity and debt security holders and new potential investors on a capital raise alternative to the sale process.