Co-op Bank to launch independent review

Posted at July 12, 2013 | Categories : News

Co-op Bank is to launch an independent review, chaired by Sir Christopher Kelly, into the events that led to the £1.5 billion hole in its balance sheet.

The review has been commissioned by new executive teams at the Co-op group and bank, on behalf of members.

In particular, it will look at the decision to merge the bank with Britannia Building Society in 2009 and the proposed acquisition of the Verde assets of Lloyds Banking Group.

Strategic decision making, management structures, culture, governance and accounting practices will all be subject to scrutiny and the findings will be presented to members at the group’s annual general meeting in May 2014.

Sir Christopher currently chairs the King’s Fund and the Responsible Gambling Strategy Board.