Co-op Bank, the self-styled “ethical” lender which has been mired in controversy for years, today hired from within for a new chief executive.
Chief financial officer Nick Slape will step up with effect from the end of the month, replacing the departing Andrew Bester, whose surprise resignation emerged recently.
Like Bester, Slape is a former Lloyds Banking Group executive who has also worked at top investment banks such as Deutsche and Merrill Lynch.
At first glance his CV appears likely to have appealed to the US hedge funds that now control the bank following its painful separation from the wider Co-op Group.
That came after a scandal involving former chairman Paul Flowers, the so-called “crystal Methodist”, a minister who was caught in a tabloid sting buying drugs and rent boys.
Slape said: “Our franchise is proving resilient in these challenging times, and the steps made in completing major components of the transformation means we have a platform for growth. The next few years will continue to be key for The Co-operative Bank as we look to build on the progress to date and complete our turnaround plan.”
Bester joined the bank in July 2018, leaving this 18 months later saying it was time for a “new personal challenge”.
Co-op Bank’s troubles date back to a merger with Britannia Building Society in 2009. Since then it has lost five CEOs in relatively short order.
