Co-op Financial institution, Barclays held failed takeover talks in late 2018- The Telegraph


The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville

(Reuters) – Britain’s Co-op Bank approached Barclays Plc in November about Barclays acquiring it, but the talks did not proceed beyond the exploratory stage, the Telegraph newspaper reported late on Saturday.

The report bit.ly/2HzpCj2 did not give financial details of the talks.

The companies did not respond immediately to a request for comment on Saturday.

Co-op Bank has struggled to turn around its performance after its near-collapse and rescue by a consortium of U.S. hedge funds in 2017.

For 2018, the lender’s adjusted loss before tax increased to 140.7 million pounds ($178.94 million) from 140.3 million pounds in 2017.

Reporting by Kanishka Singh in Bengaluru; Editing by Cynthia Osterman



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