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Co-op Bank finance boss leaves just weeks after rescue deal – Telegraph.co.uk

In its statement the bank said Mr Worth was leaving following the “successful completion” of the rescue deal, which saw hedge funds including Silver Point and GoldenTree inject hundreds of millions of pounds in an equity raising to recapitalise the troubled bank.

It was the third such fundraising in four years and gave the hedge funds 99pc ownership of the bank, with the Co-op Group retaining a nominal holding.

The Co-op Bank has insisted it will retain its former parent’s commitment to “values and ethics”.

Tom Wood, who was made chief restructuring officer in July, has been named as Mr Worth’s successor subject to regulatory approvals. He will take on the role in addition to his existing responsibilities.

Co-op Bank finance boss leaves just weeks after rescue deal – Telegraph.co.uk}

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