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Co-op deputy CEO Rod Bulmer to step down

Co-operative Bank deputy chief executive Rod Bulmer has announced he will leave the company in 2014.

A Co-op spokesman says the decision was taken solely by Bulmer after “playing a significant and successful role within the Co-op for seven years.”

The Co-op announced a £1.5bn rescue plan in June which will see bondholders “bailed in” and offered to exchange their holdings for a share in the bank.

In August, the bank reported losses of £709m for the first half of 2013, driven by £496m of loan writedowns and £61m related to further consumer redress payments, including PPI misselling.

The Treasury select committee is currently carrying out an inquiry into the deal to sell 632 Lloyds Banking Group branches to the Co-op, known as “Project Verde”, which collapsed in April.

Bulmer has been with The Co-op for seven years and during that period has held of number of senior executive roles, most notably within its retail banking operation, where he served as managing director.

Prior to joining the bank he headed up the UK branch network of Santander.

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