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Co-op Bank hires former Lloyds boss as CEO

The-Co-operative-Cooperative-Bank-700x450.jpgThe Co-operative Bank has brought in the former commercial banking head at Lloyds Banking Group to be its chief executive following several years of turmoil.

Andrew Bester is to replace Liam Coleman, who has spent a year and a half in the job.

According to The Times, the appointment is the fifth change at the top of Co-op Bank in seven years.

In June last year, Co-op Bank secured £700m of funding from a group of investors to meet regulatory capital requirements, staving off a once-mooted sale.

Meanwhile, in 2013, the lender revealed it had found a £1.5bn deficit in its balance sheet due to bad debts and asset write-offs.

The Times reports Bester’s appointment is positive for Co-op Bank because of his good reputation in the market for his work at Lloyds.

He reportedly left that bank after losing out in a battle over who might succeed António Horta-Osório as group chief executive.

In March, the FCA banned former chair of the Co-op Bank Paul Flowers from the financial services industry for inappropriate behaviour.

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