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News : Co-op Bank to Cut Branch Network
Nov 4, 2013 -- The Co-operative Bank is to reduce its branch network by as it announces it has secured a new rescue deal to plug it's capital black hole.
Parent company Co-op Group has revealed it is targeting cost savings for the bank which it plans to achieve partly through "greater levels of self-service" via online channels.
In an announcement today, the Co-op Group says: "Between 30 June and the end of 2014, the bank expects to significantly rationalise its branch network of its current estate of 324 branches and migrate basic transactions onto a predominantly self-self service basis, in particular through the digital channel."
The Co-op Group also plans to cut back its call centre network, and close "certain non-profitable branches".
The Co-op declined to further details about the number of possible jobs affected, though staff have not entered into consultation at this stage.
News of the cuts to the branch network come as the Co-op has agreed a new rescue deal with bondholders and institutional investors.
As part of the deal, Co-op Group’s stake in the bank will drop.
Co-op Group chief executive Euan Sutherland says: "Today we have taken a major step forward towards achieving our plan to secure the future of the bank, putting in place an agreement with a number of our leading investors on a comprehensive plan that will raise the necessary capital needed.
Posted by Veronica Silva Cusi, news correspondent
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More Editorial From Co-operative Banking Group
About Co-operative Banking Group:
Co-operative Banking Group Limited is a UK-based banking and insurance company and a wholly owned subsidiary of Co-operative Group. Established in 2002; head office is located at the former CIS Tower known as Miller Street, Manchester.
Published: Tuesday, November 5, 2013