May 18, 2019 / 10:25 PM / a month ago

Co-op Bank, Barclays held failed takeover talks in late 2018 - The Telegraph

FILE PHOTO: The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville

(Reuters) - Britain’s Co-op Bank approached Barclays Plc in November about Barclays acquiring it, but the talks did not proceed beyond the exploratory stage, the Telegraph newspaper reported late on Saturday.

The report did not give financial details of the talks.

The companies did not respond immediately to a request for comment on Saturday.

Co-op Bank has struggled to turn around its performance after its near-collapse and rescue by a consortium of U.S. hedge funds in 2017.

For 2018, the lender’s adjusted loss before tax increased to 140.7 million pounds from 140.3 million pounds in 2017.

Reporting by Kanishka Singh in Bengaluru; Editing by Cynthia Osterman

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