News Column

Banking: Lawyer is appointed ethics chair at Co-op

May 28, 2014

The beleaguered Co-operative Bank has appointed a new chair to its values and ethics committee. Laura Carstensen, who is a commissioner at the Equality and Human Rights Commission, was previously a partner at lawyers Slaughter and May and is a former deputy chairman of the UK Competition Commission.

The appointment came as the bank said it had completed a pounds 400m fundraising after shareholders approved the transaction, which was 2.5 times oversubscribed, at a general meeting. It had to ask for the new capital to shore up its finances and pay for past misconduct, including mis-selling payment protection insurance.

The wider Co-op Group, itself struggling under pounds 1.4bn debt, declined put any new money into the fundraising at the bank it once wholly owned. Instead it sold some of its rights and as a result its stake was cut to 20% - from the 30% it had been left with after the bank's pounds 1.5bn rescue last year.

Julia Kollewe

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Source: Guardian (UK)

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