Agence France-PresseMay 10, 2013 15:09
Britain's Co-operative Bank said Friday that its chief executive has quit following an aborted deal to buy 632 new branches, as a ratings downgrade sparked fears it might need a government bailout.
"Barry Tootell, CEO, The Co-operative Banking Group, has chosen to step down from the business and from the board of The Co-operative Bank plc," a statement said.
Tootell was appointed in 2011 to lead the acquisition by Britain's largest consumer co-operative of 632 stores from the state-rescued Lloyds Banking Group.
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