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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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J.C. Flowers and Bain Back The Co-operative Bank
J.C. Flowers & Co.and
Bain Capital Credit has agreed to purchase shares of The Co-operative Bank plc, resulting in a change in the shareholders of its ultimate holding company,
The Co-operative Bank Holdings Limited, currently held by
BlueMountain. The acquisition would see J.C. Flowers & Co. and Bain Capital Credit become significant investors in the bank alongside its five other existing financial sponsor investors.
Nick Slape, chief executive officer of the Co-operative Bank, commented, “We are delighted to welcome J.C. Flowers & Co and Bain Capital Credit and we are pleased that they share our positive view of the future possibilities for our bank. As our recent results show, we are on track with our transformation and the business continues to perform resiliently as we focus on supporting our customers during these challenging times. We head into the next stage of our transformation with growth in mortgage lending, a r