Co-op Bank names Holt as new Chairman

Dennis Holt has been named as the new chairman of Co-operative Bank, having held the position on an interim basis since 1 October.

Holt, who will take up his new position immediately, joined the board in February of this year as senior independent director following the departure of former chairman Paul Flowers amid a now infamous drugs scandal.

Holt's experience in banking and insurance spans 43 years and includes a period as main board executive director at Lloyds TSB, with responsibility for the Retail Bank.

Co-op Bank chief executive officer Niall Booker said: "I am delighted that Dennis Holt has been appointed to chair the board of the bank. Dennis brings more than four decades of experience and knowledge in financial services. His involvement in a wide range of challenging market environments will serve the bank well as we continue to restore trust in our brand and focus on building a credible, efficient and differentiated alternative for customers.

"His contribution as the senior independent director over the last nine months has been invaluable and I'm pleased that the bank will continue to benefit from his experience, counsel and existing institutional knowledge as we continue the work required to turn the bank around."

The move marks a departure from the group's problems last year, when Flowers pleaded guilty to drug possession.

The bank also had to be rescued by its bondholders after discovering a £1.5bn black hole midway through the year after its bid to acquire hundreds of branches of Lloyds Banking failed. The bailout meant that the Co-operative Group's stake in the company was reduced to just 20%.

Holt said: "Considerable progress has been made over the last 12 months and we are clear on what remains to be done.

"I look forward to the challenge of completing this work and supporting Niall and his team as we build on our heritage of offering banking services rooted in strong ethics and values to individuals and small businesses."