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Loan claim: Co-op still lends to consumers but not firms

The Co Operative bank has stopped lending to corporations.

It is still lending to consumers but has said it will not be taking on any new corporate clients.This is part of a move to reduce fears about the bank's position with its capital.

The bank has recently come under fire for its lending.

Its credit rating was recently downgraded by Moody's to junk status because it could face losses.

Many of these came from when it bought out Britannia building society.

The bank is facing a shortfall of £1.8 billion and there are doubts as to whether it can become a major high street player as the government had hoped.

Previously it was hoped that the Co-Op would buy up branches from Lloyds Banking Group, which would help to spur competition among the big four banks.

Currently, the Co-Op is in talks with the Prudential Regulation Authority on how much capital it needs to raise to better protect itself.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801590193-ADNFCR

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