Legacy issues are the main reason why Manchester based Cooperative Bank has reported an annual loss of £477m in 2016.

An improvement on the previous year’s figure of £610m was welcomed by Chief executive Liam Coleman

However, the bank ‘s merger with the Britannia Building Society, which plunged the group in financial difficulties back in 2011, had cost the firm 50 per cent more than expected – £180m rather than the £120m booked last year.

The bank announced that it was “engaging” with potential bidders after putting itself up for sale last month,

Mr Coleman said the group faced “a number of challenges” last year.

He added: “Obviously, we are only a few weeks into the sale process but we are pleased with the interest to date and engaging with potential bidders as planned.”

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