The Co-operative Bank is in exclusive talks with a potential buyer for its IFA arm.
Last month Money Marketing revealed that Co-op was looking to offload its adviser arm, Co-operative Independent Financial Advisers.
CIFA has 120 staff, around half of which are advisers.
A spokesman says:”Following the merger between Co-operative Financial Services and Britannia, integration is underway to bring the two businesses
together with the aim of best positioning the company.
“As part of this integration, we are exploring a number of strategic options for our independent financial adviser arm – CIFA.
“Our preferred option is the potential sale of the business and we are in advanced discussions on an exclusive basis with a third party.”
He adds: “Whatever final decision is taken, we will seek to minimise any impacts to our colleagues and customers. We will also continue to
consult with colleagues and our trade unions on any proposed changes.”