The Co-operative Bank has received a £100m cash injection from its former parent as part of attempts to fill a £1.5bn black hole.
The bank's capital shortfall was revealed in June last year. Lenders agreed to bail out the bank at the end of 2013, after it was revealed that its former chairman, Methodist minister Paul Flowers, took drugs, the Daily Mail reports. The Co-operative Group, which used to wholly own the bank but now controls a 20% stake, made the £100m payment last month. > Read: Co-op posts £2.5bn loss after ‘disastrous' year < There had been fears that the group, which faces its own issues in a fiercely competitive grocery market and amid an overhaul of its governance, would not be able to ...
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