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Co-op Group reports big banking loss

Source BBC News@ tienganhvui.com


Breaking news


The Co-operative Group has reported heavy losses as a result of a huge write-down of assets at its troubled banking arm.


The group lost £559m in the first half of the year, having written off £496m of bad loans at Co-op Bank.


The bad loans relate mostly to Britannia Building Society, which merged with Co-op Bank in 2009.


The bank also faces a £1.5bn capital hole in its balance sheet.





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