Aldermore walks away from Co-operative Bank bid after parent’s CEO quits, reports
Aldermore Group has dropped out of the bidding process for the Co-operative Bank, following the unexpected resignation of its parent company’s CEO, according to a Sky News report.
This move narrows down the field to Shawbrook Bank as the remaining bidder. Aldermore’s decision, seen as a strategic shift, follows a period of speculation that placed them as a strong contender for the purchase.
The Co-operative Bank, currently owned by a group of financial investors, remains on sale.
Despite analyst predictions favouring an Aldermore bid, the bank’s withdrawal raises questions about its future plans under the leadership of Steven Cooper.
Other potential bidders, such as Paragon Banking Group and OneSavings Bank, have yet to make offers, Sky News reports.