Co-op Bank targets acquisitions after profits surge
The Co-operative Bank more than tripled profits in the first nine months of the year as it benefited from rising interest rates, putting it in a position to pursue acquisitions.
Chief executive Nick Slape said the UK lender was “already in the space where we can go and acquire a prime mortgage book” and indicated it could consider another approach for TSB after two failed attempts.
The “TSB analysis still holds true”, said Slape, describing the Co-op’s rival — which has been owned by Banco Sabadell since 2015 — as “a bigger version of us”.
This story originally appeared on: Financial Times - Author:Emma Dunkley
