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Sky News has learnt that the syndicate of
hedge funds, which includes GoldenTree Asset Management, are finalising the appointment of two heavyweight City figures as non-executive directors of the company.
City sources said on Sunday that Sebastian Grigg, a former Credit Suisse banker who advised the government during the 2008 financial crisis, and Richard Slimmon, a partner at the independent advisory firm Gleacher Shacklock, were likely to be appointed as soon as this week.
The decision to install them is said to have been taken by the hedge funds to help ensure that the
Co-operative Bank is well-placed to participate in a looming round of UK bank consolidation.