Co-op conflict sees A&O lose out as bank readies for new GC
Allen & Overy (A&O) has been forced to step down from parts of its advisory role to the Co-operative Bank following a conflict caused by its dual mandate for the bank and former majority owner the Co-operative Group. The news comes as the Co-op bank is poised to appoint a new general counsel, after the Co-op Group lost overall control of the bank to a consortium of hedge funds.
November 04, 2013 at 10:41 AM
3 minute read
Allen & Overy (A&O) has been forced to step down from parts of its advisory role to the Co-operative Bank following a conflict caused by its dual mandate for the bank and former majority owner the Co-operative Group.
The news comes as the Co-op Bank is poised to appoint a new general counsel, after the Co-op Group lost overall control of the bank to a consortium of hedge funds.
A new general counsel for the bank will be announced in the Co-op Bank's prospectus filing for a 2014 public float, which is expected to be released imminently.
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