Co-op Bank to close branches

<p>The Co-Operative Bank is set to close many of its branches.</p>

The Co-Operative Bank has announced a restructuring of its business, including the closure of around 15 per cent of its branches.

It was revealed by the bank today (November 4th) that its self-service and digital channels are going to be boosted to cover the loss of the banks.

Group chief executive Euan Sutherland explained that Co-operative Bank is now "optimistic" about the future after confirming its rescue plan.

"We have taken a major step forward towards achieving our plan to secure the future of the bank," he said in a statement.

Mr Sutherland added the Co-op is going to raise £1.5 billion in capital in order to cover a shortfall created by a merger with Britannia in 2009 and bad loans.

The chief executive added that key investors involved in the company have also committed to put in new money to help secure the future of the bank, as well as exchange their bonds predominantly for equity in the business.

In order to inform customers of the changes, the Co-op has taken out full-page adverts in several national newspapers today.

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