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Co-op Bank close to £700m rescue deal

Co-op Bank close to £700m rescue deal

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The beleaguered Co-operative Bank is closing in on a £700m rescue deal with US hedge funds amid ongoing talks about the separation of the vast pension scheme it shares with the Co-op Group.Confirming a report by Sky News, the Co-op Bank said on Monday morning that it was on the verge of finalising an agreement that would end months of uncertainty about its future.The Bank also confirmed that it had terminated talks with a Qatari-Swiss consortium to focus on a rescue package provided by its existing bondholders, who also own most of its shares."The Proposal, if implemented, would enable the Bank to meet the longer-term‎ capital requirements applicable to all UK banks and to continue as a standalone entity," it said in a statement to the stock exchange."The proposal would also safeguard the ...