LONDON, July 12 (Reuters) - The Co-operative Group has launched an independent review into the eventsthat led to a 1.5 billion pound ($2.3 billion) capital shortfallat its banking unit.
Co-op said on Friday the review would be led by ChristopherKelly, previously a senior official within Britain's financeministry and a past chairman of the Financial Ombudsman Serviceand Committee on Standards in Public Life.
It will examine Co-op Bank's decision to buy theBritannia Building Society in 2009 and its proposed purchase ofhundreds of branches from Lloyds Banking Group, whichcollapsed earlier this year. The findings will be presented tomembers at the Co-op's annual meeting next May.
Lloyds (LLOY)