<
p>The Co-operative Bank has offloaded £1.65bn worth of non-core mortgage loans and closed its second securitisation.
It has now securitised almost one-half of its Optimum portfolio over the last six months raising a total of £3.14bn.
The Co-op said the deleveraging of the portfolio is key to its turnaround plan which is aiming to increase capital resilience.
Neil Booker, Chief Executive Officer of The Co-operative Bank, said: "The successful completion of this transaction further demonstrates the steady and real progress we are making in meeting our commitments by delivering our plan to reduce our risk weighted assets to build the bank's capital resilience under stress.
“There is, of course, further work ahead to de-risk the bank, but we are pleased to have successfully securitised almost half of the Optimum portfolio since accelerating our plan to reduce risk-weighted assets, particularly given the capital market headwinds in this period.
“Future deleveraging may, of course, be subject to some level of market risk, but we remain on track to reduce total risk-weighted assets in line with our plan."
The bank securitised £1.5bn of the Optimum portfolio in May this year.
The Co-operative Bank has offloaded £1.65bn worth of non-core mortgage loans and closed its second securitisation..
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