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Co-op mortgage completions top £500m

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The troubled Co-Operative Bank saw mortgage completions top £500m in the first three months of the year.

In a trading statement, the bank said its mortgage completions were ‘above planned expectations’ in the first quarter. It said the wider turnaround  of the business was continuing.

During the first three months of the year the Co-op Bank made several rate cuts across its mortgage range.

The bank said it continued to sell off non-core assets, which helped its overall financial position.

Earlier this month the bank sold around £1.5bn of buy-to-let, self-certification and sub-prime mortgages in an attempt to improve its capital position.

These loans were originally completed under the Britannia Building Society brand.

Elsewhere the bank said it planned to close 57 of its branches this summer as well as other cost cutting measures. This includes implementing improved processes, outsourcing back office functions and reducing its ATM network.

Niall Booker, chief executive, said the bank continued to work hard to gain new mortgage customers.

“Although the core bank remains very much a work in progress, we are beginning to see performance improve and the launch of a series of competitive product offerings is testament to how far we have come in the last year,” he said.

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