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HomeBank CapitalJ.C. Flowers, Bain Capital Credit to buy into recovering Co-Op Bank

J.C. Flowers, Bain Capital Credit to buy into recovering Co-Op Bank

LONDON, April 28 (Reuters)The Co-operative Bank said on Wednesday that J.C. Flowers and Bain Capital Credit had agreed to buy a minority stake in the company from an existing investor, alongside results that showed the lender’s turnaround was ahead of schedule.

The two buyout groups were set to buy the 10.01% of the company’s A shares and 12.05% of the B shares currently owned by BlueMountain, Co-Op Bank said in a statement, without giving financial details.

The deal remains subject to regulatory clearance.

In a separate statement, Co-Op Bank Chief Executive Nick Slape said the bank had made a pretax profit of 7.2 million pounds in the three months to end-March, and the lender’s restructuring plan was ahead of schedule.

(Reporting by Simon Jessop; Editing by Dhara Ranasinghe)

((simon.jessop@thomsonreuters.com; +44 (0) 207 542 5052; Reuters Messaging: Reuters Messaging: simon.jessop.thomsonreuters.com@reuters.net))

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