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Private equity pair Bain Capital and JC Flowers have agreed to buy a minority stake in the UK’s Co-operative Bank
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The Bank also reported a mortgage pipeline going into the second quarter of 2021 of £2bn.
Nick Slape, Co-operative Bank chief executive, said: “I am encouraged by the Bank’s financial performance in the first quarter, achieving a small underlying profit – an important first step towards sustainable profitability from 2021.
“We have delivered a resilient performance by maintaining our focus on income generation, simplification and by reducing our operating costs.
“Our retail business continues to grow, with net residential lending increasing by 6% in the quarter with a strong pipeline.”
The results also revealed that investment firms JC Flowers and Bain Capital Credit had bought stakes in the Bank subject to regulatory approval.
Bain and JC Flowers snap up stake in the Co-operative Bank thecourier.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thecourier.co.uk Daily Mail and Mail on Sunday newspapers.
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