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Co-op Bank appoints new chief executive

Co-op Bank appoints new chief executive

Category: Banking

Updated: 28/05/2013
First Published: 28/05/2013

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The Co-operative Bank has announced the appointment of Niall Booker as its new chief executive, a fortnight after the Group's credit rating was downgraded to junk status by the ratings agency Moody's.

Mr Booker, 54, a former chief executive of HSBC's North America business, will replace the group's former boss, Barry Tootell, who resigned shortly after the downgrading.

Concerns and questions have been raised about The Co-operative Bank's capital position over recent weeks. Last week the group announced it would be halting lending to new business customers, which it claimed to be due to "an ongoing extensive review of the Co-operative Bank, its capital and lending position and its commercial strategy".

Discussions are believed to be taking place between the group and financial regulators regarding its capital reserves.

Mr Booker is expected to take up his new position as chief executive on June 10 this year.

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