Co-Op stays private with £400m cash call

Andrew Griffin,

Nina Flitman

March 24, 2014 05:00 PM

co-op pyramid — Manchester, United Kingdom. 3rd March 2014 -- File Image: The Co-operative's Pyramid building in Stockport. -- The Co-Op group has accepted the resignation, as chief executive, Euan Sutherland. The chief financial officer Richard Pennycook will take over the executive position until a more permanent replacement can be found. Co-op accepts Sutherland's resignation | Jonathan Nicholson / Demotix/Demotix/Press Association Images

The Co-Operative Bank will turn to its existing shareholders to raise an extra £400m in an emergency cash call that will keep the bank from looking to the public equity markets.

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Andrew Griffin

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Nina Flitman