VENTURE CAPITAL POST

Co-operative Bank and its parent Co-operative Group on Friday announced that it had successfully completed raising £1 billion for its rescue plan. The British bank with raise about £500 million more from Co-op Group, its bondholders and its interest savings to complete its target fund of £1.5 billion.

Retail bondholders of Britain's Co-operative Bank have voted in favor of a restructuring to rescue the bank and proceed with its plan to fill a 1.5-billion-pound hole in its capital.

Former Co-operative Group chief executive Barry Tootell said he and other company executives had doubts over the capability of the mutual fund to acquire 632 Lloyds Banking Group branches for USD750 million.

British bank Lloyds said that there had been no political interference on the firm to sell a total of 632 branches to the Co-operative Group.