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LONDON, Oct 6 (Reuters) - Andrew Bester, chief executive of
the Co-Operative Bank, is stepping down after just over
two years in charge, the British lender said on Tuesday.
Chairman Bob Dench has begun the process to find Bester's
successor, the bank said.
Bester - who joined the bank in July 2018 - has committed to
remain in place until that process is complete to ensure a
smooth and orderly transition. The effective date of his
departure will be confirmed in due course.
In August, the bank said it would cut around 350 jobs and
close 18 branches as the coronavirus crisis forced it to reduce
costs.
The Co-Operative Bank is one of several British challenger
lenders attempting to challenge the dominance of the Big Four
high-street banks including Lloyds Banking Group, HSBC
, NatWest Group and Barclays.
But like others, it has found its progress hampered by low
interest rates, blistering mortgage competition and erratic
consumer demand for loans as Britain's economy is rocked by the
impact of the COVID-19 pandemic.
It now joins larger rival Lloyds in the search for a new
leader after its CEO Antonio Horta-Osorio said earlier this year
that he would be leaving the bank once a successor was found.
Bester's achievements during his short tenure include a
transformation of the bank's IT systems and its separation from
The Co-Op Group as well as improvements in customer satisfaction
levels, the bank said.
"My ambition was to complete the major transformation phase
of the turnaround and for our franchise to show resilience,"
Bester said in the statement.
"At this point, I believe the bank is on the right path and
it is time for a new CEO to continue the journey to be the
digital ethical bank."
(Reporting By Sinead Cruise, editing by Pamela Barbaglia)
