Co-op Bank to close 50 branches as part of rescue plan

The Co-operative Bank is to close 50 of its branches as part of a rescue deal to fill a £1.5bn hole in the bank's balance sheet.

The deal won't cost the taxpayer a penny, and will see creditors to the group, led by half-a-dozen hedge funds, end up with 70% of shares in the bank.

The Co-op Group's loss of control of the bank has alarmed customers, but the management says its values and ethics will still be upheld.

The BBC's Business Editor, Robert Peston, reports.