UK's PRA watchdog backs Co-op bank's restructuring plan
LONDON, Nov 4 (Reuters) - Britain's Prudential Regulation Authority banking supervisor signalled its backing on Monday for a restructuring plan announced by the Co-operative Group for its banking arm.
Control of the banking arm will be handed to investors including U.S. hedge funds to plug a 1.5 billion pound ($2.4 billion) capital shortfall.
"In June we set out the requirements that Co-Op Bank would need to meet in terms of the amount, form and timing of additional capital," the PRA, part of the Bank of England, said in a statement.
"We welcome the announcement by the firm today setting out the final details of how it will raise the capital required," the supervisor added.
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