The Coventry Building Society has enlisted the Wall Street behemoth JP Morgan to strengthen its proposed takeover of the Co-operative Bank.
Sky News has learnt that the Coventry has drafted in JP Morgan to work alongside KPMG on the deal, almost three months after getting into unique talks to purchase its rival excessive road lender.
The appointment comes as an exclusivity interval to barter the phrases of the deal continues, forward of its deliberate expiry on the finish of this month.
The Coventry’s bid for the Co-operative Bank would successfully remutualise the latter and create a monetary companies powerhouse with sclose to £90bn in property.
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On Tuesday, the Coventry issued a £500m bond that strengthens its capital base for regulatory functions, with sources saying that the society obtained £1.8bn-worth of demand.
Alongside JP Morgan, Barclays, Lloyds Banking Group and NatWest Group acted on the debt-raising.
The mixed Coventry and Co-operative Bank can be comparable in dimension to Virgin Money, the London-listed banking group, and would have about 5m clients throughout Britain.
Banking analysts have touted a worth of roughly £800m for the Co-operative Bank, though the ultimate determine stays topic to negotiation.
Combining the organisations would give the Coventry a serious enhance within the private present account and enterprise banking markets.
The Coventry and JP Morgan each declined to remark.
Source: information.sky.com”