FirstRand's Aldermore Plans Bid for the Co-operative Bank, Sky News Reports
-- U.K. bank Aldermore Group, which is part of South African lender FirstRand Bank, is working on a takeover bid for the Co-operative Bank, Sky News reports citing unnamed sources.
-- The group has hired BNP Paribas investment bankers to work on an offer ahead of the deadline set by the Co-op's advisers next month, Sky News reports.
-- Paragon Banking Group and OneSavings Bank, which were seen as potential bidders, are unlikely to participate in the action, Sky News reports. Last month, it also reported that Shawbrook Group approached the Co-op Bank with a stock-based proposal for a GBP3.5 billion combination of the two banks.
Full story: https://tinyurl.com/2pz9cm54
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
September 19, 2023 07:32 ET (11:32 GMT)
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