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| Version 0 | Version 1 |
|---|---|
| Co-op Bank report to blame governance | Co-op Bank report to blame governance |
| (35 minutes later) | |
| A major report into the near collapse of the Co-operative Bank will blame poor governance at the organisation. | A major report into the near collapse of the Co-operative Bank will blame poor governance at the organisation. |
| It will also say the ill-fated takeover of the Britannia Building Society sowed the seeds of the problems at the bank. | It will also say the ill-fated takeover of the Britannia Building Society sowed the seeds of the problems at the bank. |
| The BBC's business editor, Kamal Ahmed, has been told Sir Christopher Kelly's draft report will say the organisation was "culpable" and checks made before it bought the Britannia were "cursory". | The BBC's business editor, Kamal Ahmed, has been told Sir Christopher Kelly's draft report will say the organisation was "culpable" and checks made before it bought the Britannia were "cursory". |
| Its findings will be challenged by former members of the Co-op board. | Its findings will be challenged by former members of the Co-op board. |
| The members, who also worked for the Britannia, will write to Sir Christopher this week to claim the report is not factually accurate. | The members, who also worked for the Britannia, will write to Sir Christopher this week to claim the report is not factually accurate. |
| 'Scathing' | |
| The report into the bank was commissioned by the Co-op Group and is due to be published next week. | |
| It is the latest stage in the battle to uncover the truth about how one of the UK's oldest banks failed after the discovery of a £1.5bn black-hole in its balance sheet. | |
| Our business editor said the draft report was "scathing". | |
| It says the ill-fated takeover of the Britannia Building Society in 2009 was the at the heart of its downfall. | |
| Our business editor said a draft of the report says that the Co-op Bank board did not have "their eye on the ball" during the takeover of the Britannia. | |
| It says that "due diligence" - the work done before a takeover is agreed - was "extremely cursory". | |
| The report also says that there were major problems with the Co-op Group's takeover of the Somerfield supermarket chain. | |
| Those who will challenge the report's findings include Neville Richardson, the former chief executive of the Britannia, who has said that IT failures and the attempt of the Co-op Bank to take over 630 Lloyds Bank branches added to the problems at the bank. |