Bank confident of raising extra funds

Britain’s loss-making Co-operative Bank said it was confident of raising the extra funds it needs to secure its future even without the backing of customer-owned parent, the Co-operative Group.

The country’s eighth-biggest lender on Friday confirmed it lost £1.3bn (€1.57bn) last year and warned it would not make a profit this year or next.

The bank, which fell under the control of bondholders, including US hedge funds last December after a £1.5bn capital shortfall was exposed, said in March it needed another £400m to cover the cost of past misconduct.