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Source: Daily Mail, LondonOct.迷你倉 22--The Co-op is set to lose control of its bank after being forced to tear up emergency plans to plug a pounds sterling 1.5bn shortfall in its finances.In an embarrassing U-turn, the funeral homes-to-supermarkets giant yesterday bowed to pressure from a group of investors led by two US hedge funds.The mutual had wanted to float the bank on the stockmarket and take a 70pc stake, while forcing bondholders to swap their bonds for a minority holding.But under the new agreement, it will own just 30pc of the bank.Investors owning pounds sterling 1.3bn of its bonds, led by US hedge funds Silverpoint and Aurelius, will take a 70pc stake.Unions last night described the move as a 'tragic day' for the mutual, which has tried to set itself apart from rivals as an 'ethical' bank since launching in 1872.Meanwhile, the Co-op revealed it had set aside another sum of up to pounds sterling 105m for payment protection insurance compensation and other mis-selling claims.Chief executive Euan Sutherland, who previously insisted there was 'no plan B' to avoid the bank going bust or being nationalised, said the change of tack had come after 'listening very carefully' to investors.In a video posted on YouTube, Sutherland said 'we have reached an agreement in principle which saves the Co-op Bank', adding this would mark the first time a bank had been rescued without the help of taxpayers. He added that he was 'delighted' the deal also meant Co-op had 'effective control' as the single biggest shareholder.Sutherland also said that 'most importantly' the group had built a 'fair and attractive proposition' for 'hard working families across Britain that have invested in the Co-op Bank'.No further details were given on the offer for retail inve自存倉tors, with an announcement expected in the coming days.One option could be offering them a new bond from the Co-op Group, to ensure they continue to receive vital income payments.Private investor Mark Taber, who has led a campaign on behalf of ordinary bondholders, said: 'Mr Sutherland has said that protecting ordinary savers is his priority. I will now expect him to stand by this.'The Co-op Group also moved to address fears that it will lose any claim to be more ethical than rivals after handing the majority of the equity to a register of shareholders dominated by US hedge funds.Co-op intends to redraw its constitution to embed the company's principles in articles of association for the first time.Sutherland added that this move was supported by investors. But this failed to reassure unions.Unite national officer Dominic Hook said: 'Today is a tragic day for the UK as the Co-operative Group is no longer in a position to maintain its majority ownership of the Co-operative Bank. This is dreadful for the staff, customers and the wider banking industry.'He added: 'The Co-operative Bank with its long and proud history is now at risk of losing all it ever stood for.'The Co-op's original plan, announced in June, involved raising pounds sterling 1bn of capital through issuing a new bond from the group and raising pounds sterling 500m from the sale of its general insurance arm.Bondholders would receive a pounds sterling 500m 'haircut' on their investments.But the Co-op has been forced to reconsider in the face of fierce opposition from bondholders, which range from US hedge funds to pensioners.Copyright: ___ (c)2013 Daily Mail (London, ) Visit the Daily Mail (London, ) at .dailymail.co.uk/home/index.html Distributed by MCT Information Services迷你倉