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Co-op Bank CEO says won't make profit until at least 2017

Reuters - UK Focus

LONDON, Aug 20 (Reuters) - Britain's Co-operative Bank doesn't expect to make a profit until at least 2017 and is unlikely to embark upon a stock market listing until it is closer to profitability, its chief executive said.

"We won't be profitable in 2015 and we won't be profitable in 2016 either," CEO Niall Booker told reporters.

Booker said the bank was continuing to look at all options for a potential initial public offering (IPO).

"Personally I think it will be a wee bit of time before we're ready to IPO. It (Other OTC: ITGL - news) would be good to be closer to profitability. We continue to review everything," he said.

Booker said there had been "no meaningful discussion" over whether hedge funds that own an 80 percent stake in the bank would be interested in buying the Co-operative Group's remaining 20 percent stake in the bank. (Reporting by Matt Scuffham; Editing by Steve Slater)