The Co-op is considering selling or even shutting down its struggling banking business as it looks for ways to fill a capital black hole.

The mutual needs to raise as much as £1.8bn to repair its bank’s balance sheet and said on Friday that it was “undertaking an extensive review” of the business. Swiss investment bank UBS has been hired to advise the Co-op on its options, which could range from the sale of more assets to the winding down or sale of the entire bank. Euan Sutherland, the new chief executive of the Co-op, confirmed that Co-op Bank had stopped making loans to new customers as it looked for ways to raise new capital.....Read more here