By Mark Kleinman, City Editor
An adviser to the Britannia Building Society on the merger with the Co-op that led to the mutual's current travails is being parachuted into the group as part of its rescue plan.
Sky News understands that Alistair Asher, a partner at the 'Magic Circle' law firm Allen & Overy, is to join the Co-op as its new general counsel and the head of its legal services arm.
Mr Asher's appointment, which is to be announced to staff by the Co-op on Tuesday, will accelerate the overhaul of the mutual's management team under its new chief executive, Euan Sutherland.
His arrival will provide valuable experience on the restructuring of mutually-owned lenders, following his role advising on deals including the Co-op's merger with Britainnia in 2009.
That transaction left the Co-op with many of the problem loans that led to its announcement yesterday that it requires £1.5bn of new capital to satisfy banking regulators.
Mr Asher, who has been advising the Co-op on its ongoing restructuring, is expected to leave his role as the head of A&O's global financial institutions practice in the next few weeks, insiders said.
His role at the helm of the Co-op's legal services arm will position him as the leader of one of its faster-growing divisions. In last year's results, the group said that total legal services revenue for the year had risen 13pc to £33m and announced ambitious plans for growth with the aim of employing 3,000 people in future.
Since his arrival, Mr Sutherland has engineered the recruitment of several key financial and banking executives, including the former head of HSBC's North American arm, Niall Booker, to run the Co-op Bank.
On Monday, the Co-op unveiled plans to fill the £1.5bn hole in the balance sheet of its banking arm, which will involve losses for some bondholders and the listing of its shares on the stock exchange.
Among the other measures being taken by the mutual are the sale of its life and general insurance arms, as well as a string of loan portfolios.
A Co-op spokesman declined to comment on Mr Asher's appointment.
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