THE Co-operative Bank is on the lookout for a successor to its chief executive Niall Booker, whose contract expires at the end of this year.
Booker could extend his tenure for a short period to ensure management continuity, but has reportedly said that he is unlikely to remain in place much beyond that, according to Sky News.
The troubled Manchester-based lender is continuing with its five-year turnaround plan, following its near collapse in 2013 when a £1.5bn black hole was found in its balance sheet.
The bank’s 2015 results are expected to be announced in the next few weeks, although no date has been officially set.
In January this year, two former executives of the bank, ex-CEO Barry Tootell and corporate banking MD Keith Alderson, were banned from holding senior banking positions.
The action by the Bank of England’s Prudential Regulation Authority was for their role in the near collapse. The PRA said both men had committed breaches related to the running of the Co-op Bank. Mr Tootell was fined £173,802 and Mr Alderson £88,890.
In August last year, the PRA publicly censured the Co-op Bank for, among other things, failing to have in place adequate risk management systems. The PRA found that the Co-op Bank’s failings had the potential to weaken the firm and reduce its resilience.
Click here to sign up to receive our new South West business news...
