Co-op Bank to take further £100m hit on PPI

The Co-operative Bank has said it expects to shell out a further £100m in compensation to cover "revised" estimates on claims made over the sale of PPI.

In a statement the group - which has already announced a major recapitalisation plan to avoid a government bailout after racking up big losses on commercial property during the downturn - said it would be increasing its overall provisions to cover any claims. It said: "The Bank has made a re-assessment of certain likely future conduct costs and, as a result, the Bank expects to increase its overall provisions by approximately £100-105 million. "The Bank's estimates of existing provisions relating to customer redress have been revised, with these revisions relating primarily to a chan...