LONDON, March 9 Britain's Co-operative Bank
reported an annual loss for 2016 of 477 million pounds
($579.79 million), a month after the struggling lender put
itself up for sale after failing to meet regulatory capital
"We are pleased with the interest to date and engaging with
potential bidders as planned," Chief Executive Liam Coleman said
in a statement.
Co-operative bank, which reported a 610 million pound loss
in 2015, has not made a profit since 2011 and has struggled to
rebuild its capital position after being rescued from the brink
of collapse by a group of hedge funds in 2013.
The bank has blamed low interest rates and higher than
expected costs in implementing its turnaround plan for its
failure to meet capital targets set by The Bank of England's
Prudential Regulation Authority (PRA).
The PRA last month said it welcomed the bank's decision to
put itself up for sale, as a possible solution to increasing its
($1 = 0.8227 pounds)
(Reporting by Lawrence White; editing by Susan Thomas)