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Business News

Co-op Bank is trimming board

Troubled Co-op Bank yesterday removed four long-standing directors ahead of its £1.5bn debt-for-equity swap and stock market flotation.

Among the casualties are Co-op Group chairman Len Wardle and former deputy chairman of the bank Peter Harvey. Also leaving are Duncan Bowdler and Bob Newton.

All four remain on the board of the parent company Co-operative Banking Group. Their departures are meant to signal further separation of the bank from the parent group.