LONDON (Reuters) – Britain’s Co-operative Bank said on Monday that it had sold its Illius Properties business to Salmon Real Estate for $247 million (157.5 million pounds) as part of its plan to sell non-core assets and bolster its capital.
Illius purchases repossessed properties with the intention of selling them on at a profit.
Co-op Bank nearly collapsed last year and fell under the control of bondholders after a 1.5 billion pound capital shortfall was identified. Britain’s Times newspaper reported on Monday that it is set to fail the Bank of England‘s stress test of eight leading lenders later this month.
(Reporting by Matt Scuffham; Editing by Carolyn Cohn)
Co-op Bank sells distressed property business for $247 million
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