The collapse of Silicon Valley Bank triggered a period of turmoil in the banking sector. Credit: AP Photo/Benjamin Fanjoy
Merger with Shawbrook, which has a large small business client base and also caters to real estate agents and consumers, will form a £3.5bn combined bank with the former mutual accounting for about 29% of business. The specialist lender was founded in 2011 and is currently owned by private equity firms including UK-based funds BC Partners and Pollen Street Capital.
The owners of the Cooperative Bank are considering the possibility of a wider auction of the asset. Other possible fans include OneSavings Bank, Aldermore and Paragon.
The merger, if it goes through, will follow HSBC's takeover of Silicon Valley Bank's UK arm earlier this year, after fleeing a US tech-focused lender and being forced into a crisis-driven sale. — saddled Credit Suisse to compete with UBS in June.
After losing mutual status, Co-op Bank clients pushed its new owners to return to a sort of co-op ownership.
Save Our Bank campaigners, who are longtime customers, said earlier this year that they hope to «create a joint stake in the bank.»
Activists have also pushed for a clear ethical policy at the bank, with Co-op Bank renewing its commitments in 2022.
A spokesperson for Co-op Bank said it would not comment. on speculation. Showbrook did not respond to a request for comment.
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