Co-op Bank 'sorry' for £1.3bn loss and £400m black hole

The head of the crisis-hit Co-op Bank was paid £1.7m for six months' work in 2013

Co-op Bank
(Image credit: Christopher Furlong/Getty Images)

THE Co-op Bank has apologised to investors and customers after confirming that it lost £1.3bn last year and is unlikely to return a profit until at least 2016.

It also said that it urgently needed to raise another £400m of rescue capital in order to meet regulatory requirements.

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