UK's PRA watchdog backs Co-op bank's restructuring plan

Reuters

LONDON, Nov 4 (Reuters) - Britain's Prudential RegulationAuthority banking supervisor signalled its backing on Monday fora restructuring plan announced by the Co-operative Group for its banking arm.

Control of the banking arm will be handed to investorsincluding U.S. hedge funds to plug a 1.5 billion pound ($2.4billion) capital shortfall.

"In June we set out the requirements that Co-Op Bank wouldneed to meet in terms of the amount, form and timing ofadditional capital," the PRA, part of the Bank of England, saidin a statement.

"We welcome the announcement by the firm today settingout the final details of how it will raise the capitalrequired," the supervisor added.

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