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London - British lender The Co-operative Bank on Monday said that it was putting in place a plan to increase its capital cushion by an additional 1.5bn ($2.4bn, €1.8bn) to secure its future.
The bank, which as a so-called mutual is owned by its 4.7 million customers, said in a statement that it would raise the new capital by issuing a bond and new shares, with 1.0 billion being raised this year and the remainder in 2014.
"We have put in place a detailed and comprehensive solution to meet the current and longer-term capital requirements of the Bank. In doing so we have agreed a plan to ensure its future," said Euan Sutherland, chief executive of The Co-operative Group, the bank's parent.
