Four directors exit troubled Co-op Bank

Touble-hit Co-op Bank today removed four long-standing directors ahead of its £1.5 billion 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 parent company Co-operative Banking Group. Their departures are meant to signal further separation of the operations of the bank from the parent group and also make it compliant with corporate governance rules when it lists its shares.