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'.
Speaking at Professional Adviser's conference
Equity release panel
Speaking at PA360
TISA's Peter Smith
Shone a light on 'closet trackers'