More on the Co-op Bank

It looks as though the Co-operative Group has lost the battle to retain majority ownership of the Co-operative Bank.

This is one of the most significant developments within the British coop movement for many years, and unfortunately it is not good news.

My news piece on this, including my assessment of the implications for the cooperative movement as a whole, is now up on the Guardian’s social enterprise website.  You will also be able to access it, and previous writings by me on both the Co-operative Bank saga and on the broader issues of where coops go for the capital they need, on my website, http://www.andrewbibby.com/coops.html.

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Co-operative Bank going west

It is hard to exaggerate the scale of the loss for the British cooperative movement if, as is now appears inevitable, majority ownership of the Co-operative Bank passes to the private sector.  Reports today suggest that commercial bondholders, led by two US-based hedge funds, are poised to take majority control of the bank.

I have contributed a piece on this story to the Guardian’s social enterprise pages today, and will let you know here when the piece is live.