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LONDON (Reuters) - Britain's Co-operative Bank appointed Dennis Holt as chairman on Monday as the lender looks to move on from its near collapse last year and a drugs scandal involving former chairman Paul Flowers.
Holt, who joined the board in February as senior independent director and has been acting as interim chairman since Oct 1, brings with him 43 years of experience in the banking and insurance industry.
"I am delighted that Dennis Holt has been appointed to chair the Board of the Bank," Niall Booker, chief executive officer of Co-op Bank, said in a statement.
"His involvement in a wide range of challenging market environments will serve the Bank well as we continue to restore trust in our brand and focus on building a credible, efficient and differentiated alternative for customers."
The bank was left fighting for its survival after a 1.5 billion pound capital shortfall was exposed in June last year following a failed bid to buy hundreds of branches from Lloyds Banking Group.
It was rescued when bondholders including U.S. hedge funds agreed to a recapitalisation, which meant Co-op Group went from outright owner to holding just a 20 percent stake.
The bank's problems were exacerbated when former chairman Flowers pleaded guilty in May to drug possession following a stream of lurid headlines in British tabloid newspapers.
Britain's seventh-largest lender said it lost around 38,000 customers in the first half of 2014.
(Reporting By Anjuli Davies, Editing by Paul Sandle)