Co-op Bank has secured a rescue deal with creditors over the weekend which will see branch numbers reduced and staff redundancies, according to reports.
The deal will see the group's creditors - led by about six hedge funds - get about 70% of the bank's shares, leaving Co-op with 30%, the BBC reports.
The deal will mean about 1,000 staff will lose their jobs and see 15% of branches closed but the bank's future had been secured.
The rescue was prompted by the discovery of a £1.5bn hole in its balance sheet caused by bad loans and the 2009 merger with Britannia building society.
The BBC said Co-op Group wants to protection the co-operative culture of the bank by writing a pledge "only to do what it sees as ethical business into the bank's principles or articles of association".
Co-op has taken out adverts in national newspapers to reassure customers the hedge funds will not turn it into 'just another bank'.
Launched November 2018
£15m group claim
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