U.K. Lawmaker Asks BOE to Block Cerberus Bid for Co-Op Bank (1)

A U.K. lawmaker said Cerberus Capital Management would be an inappropriate owner of Co-Operative Bank Plc and urged the Bank
of England to block the U.S. private-equity firm’s approach.

Kevin Hollinrake, who co-chairs the parliamentary group on fair business banking, said in a Nov. 20 email to BOE Governor Andrew Bailey that he has “deep concerns” about a possible takeover by the U.S. private equity firm. He noted Co-Op Bank’s customers were often attracted to its “reputation of ethical and sustainable practices” and that the sale of the bank to a “vulture fund would be of particular concern.”

He ...