Co-op Bank stops lending to new corporate clients
LONDON (Reuters) - Co-operative Bank said on Friday it had stopped offering loans to new business customers, in a move designed to quell growing concerns over its capital position.
A spokesman for Britain's biggest customer-owned financial services business said it would continue to provide lending to existing customers. The freeze does not apply to individual retail customers.
"We are not offering new loans to new corporate customers but are continuing to provide facilities for existing customers," he said.
Credit ratings agency Moody's downgraded Co-op Bank's debt ratings earlier in May and warned it could need taxpayers' money to plug a capital shortfall which some analysts have said could be as high as 1.8 billion pounds.
(Reporting by Matt Scuffham; Editing by Steve Slater)
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