Troubled lender Co-operative Bank has revealed that the cost of a series of failings including its involvement in controversial payment protection insurance policies (PPI) will be up to £105m more than expected.
The bank, which is in the middle of a rescue plan after a £1.5bn black hole was identified in its balance sheet, said it has had to increase its provision for customer redress.
However, it also revealed that regulators say the amount needed to cover the wider issue of the hole in its finances does not need to be increased.
The update comes amid speculation that details of a rescue plan which would have seen Co-op Group retaining a majority stake in the bank while floating a chunk on the London Stock Exchange have been rejected.
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Co-Op Bank Ups PPI Mis-Selling Gap By £105m
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