Britain’s Co-operative Bank said it will speed up the sale of unwanted assets under a turnaround plan that saw it axe 15 per cent of its staff last year and make a loss of £264 million .

Co-op Bank is trying to recover from a near collapse in 2013, when it was hit by a yawning hole in its finances, a drugs scandal and an exodus of top executives, and posted a £633 million loss.

Co-op Bank said on Friday the only change to its previously announced turnaround plan was a “significant acceleration” of a reduction in assets, mainly through selling a portfolio of residential mortgages.