LONDON – Britain's Co-operative Bank is putting itself up for sale as it struggles to meet capital requirements designed to ensure financial institutions can survive hard times.
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The lender says it is seeking buyers and considering other options to increase capital, a process that has been hampered by low interest rates and higher-than-expected costs of correcting past problems.
The Co-op Bank, which traces its roots to 1872, is controlled by a group of hedge funds that helped save it from collapse in 2013.
The bank said Monday that a sale was "always considered a potential outcome of the turnaround plan."
Bank of England regulators says they welcome the Co-op's action and will "continue to assess the bank's progress in building greater financial resilience over the coming months."