Co-op Bank searches for new boss after sudden departure of chief executive

CO-OP Bank, the embattled lender, is searching for fresh leadership today with the abrupt departure of chief executive Andrew Bester.

The bank, once an arm of the wider Co-op group but now owned by US hedge funds, today said Bester would leave and that it was looking for a successor.

Bester said in a statement: “My ambition was to complete the major transformation phase of the turnaround and for our franchise to show resilience. At this point, I believe the Bank is on the right path and it is time for a new CEO to continue the journey to be the digital ethical bank. In the meantime I remain focused on working with colleagues to provide the support our customers need.”

The bank was famously plunged into chaos back in 2013 when a £1.5 billion hole in the bank’s accounts emerged. Chairman Paul Flowers, dubbed the Crystal Methodist, was caught in a tabloid sting buying drugs.

The bank’s financial troubles began after a merger with Britannia Building Society. Flowers later resigned

Co-operative chairman Bob Dench said: "Over recent months Andrew has worked tirelessly to navigate through the national crisis we all face and to support our customers through the pandemic. I thank him for the support he has provided during this unprecedented period and we wish him all the best for the future."

Bester is a former Lloyds Bank executive who had pledged to uphold the Co-op Bank’s "ethical values".

The company said the decision to move on was Bester's. He is said to have been linked with other roles.