April 29, 2016 / 4:27 PM / 2 years ago

UK's Co-operative Bank names Liam Coleman as likely CEO successor

(Reuters) - Britain’s Co-operative Bank Plc COOBF.PK said it appointed Liam Coleman deputy chief executive in the expectation that he would succeed current CEO Niall Booker later.

A sign is seen outside a branch of The Co-operative Bank in Brighton southern England December 16, 2014. REUTERS/Luke MacGregor

Coleman will assume his new role on Tuesday, the bank said on Friday.

Co-operative Bank has been on the road to recovery from troublesome real estate loans that left a 1.5 billion pound hole in its capital in 2013, bringing the bank close to collapse.

Booker’s turnaround plan saw the bank cut its branch network by nearly half and sell loans of billions of dollars.

Coleman is expected to succeed Booker at a date yet to be determined, Co-operative Bank said.

The bank said earlier this month that it would remain unprofitable for the next two years.

Coleman, who joined Co-operative Bank in 2013, is currently the director of retail and commercial banking.

He is a 30-year financial services veteran who has worked at Royal Bank of Scotland Group (RBS.L), the Mitsubishi Bank and Hambros Bank, Co-operative Bank said.

Reporting by Mamidipudi Soumithri in Bengaluru; Editing by Kirti Pandey

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