The Co-operative Bank has tabled a bid for a £650m loan portfolio being offloaded by Sainsbury’s Bank.
First reported by Sky News, BusinessLive understands the Manchester-headquartered bank is one of a number of parties interested in the portfolio.
The Co-operative Bank is owned by a syndicate of private equity firms and hedge funds and is separate to the wider Co-op Group.
READ MORE: Click here to sign up to the BusinessLive North West newsletter
The process is being led by Deloitte while The Co-operative Bank's annual results are due out next week.
In November 2022, the bank's CEO said its turnaround was "ahead of schedule" as profits passed £100m during the first nine months of its financial year.
It posted pre-tax profits of £102.8m for the period to September 30, 2022, a "significant increase" on the £28.5m from the same period in 2021.
The bank also updated its outlook for the year, "reflecting a strong performance to date".
The Co-operative Bank declined to comment when contacted by BusinessLive.
READ MORE:
