Co-op Bank to pick new City advisers

Investment advisers

The beleaguered Co-operative Bank will this week pick new City advisers to negotiate a restructuring deal with its investors as hopes of an outright sale of the company diminish.

Sky News has learnt that the Co-op Bank is to hire investment bankers to help thrash out an agreement with a group of US hedge funds, which hold big equity stakes in the lender as well as large chunks of its debt.