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.
Find out how to choose the best bank account by reading our guides to help you open and manage your bank accountCompare the best savings ratesSearch all mortgages
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.