Answering a question that has not been asked is a great trick to divert attention.
But Co-op Bank chief executive Niall Booker’s statement that a flotation of the bank is “logistically unlikely” before the end of this year takes the biscuit.
No one in their wildest dreams — even the most disconnected US hedge fund manager who now owns a chunk of the 140-year-old bank’s equity — expects a float next year, let alone this year.
For a start, it is clear the regulator would not allow such a move to divert Booker and the rest of his management’s time from doing what matters most — putting the bank back on an even footing.
To be fair, Co-op Bank has survived an enormous crisis and done it without a taxpayer bailout. But it has much to do, in stemming the outflow of customers and in continuing to repair a damaged balance sheet.
It may be better for all involved — shareholders, customers and the regulator — if Co-op Bank is sold off to one of those new challenger banks that we hear so much about but still see little of.
