LONDON, March 9 (Reuters) - 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 requirements.
“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 capital levels. ($1 = 0.8227 pounds) (Reporting by Lawrence White; editing by Susan Thomas)