Source - SMW
The Co-operative Bank's board has decided to discontinue the formal sale process.

The bank announced on 19 June that it was in advanced discussions with a group of existing investors and it said these had continued with a view to a prospective equity capital raise and recapitalisation.

The bank said the proposal, if implemented, would enable it to meet the longer term capital requirements applicable to all UK banks - thereby meeting the objective the bank set at the start of the process - and to continue as a stand-alone entity. 

It said the proposal would also safeguard the bank's values and ethics.