New Co-op chief to launch strategic review Before Thursday night's news, the Co-op had already attempted to bolster its capital shortfall, which industry sources estimated stands between £1bn and £1.5bn. It has signed a deal with Royal London to sell its life insurance arm for £219m, and has already appointed Deutsche Bank to run the £600m-plus sale of its general insurance arm, for which there are understood to be in excess of 10 interested bidders. Mr Sutherland's review is likely to focus on the sustainability of the bank, which has 342 branches, and whether it is possible for it to be sold or wound down in some way. Co-op management remains in discussions with the Prudential Regulatory Authority about the nature of its capital requirements. In addition Mr Sutherland, the former chief operating officer of Kingfisher, will look at the other parts of the mutual's business, including its sprawling retail arm and its funeral business, to assess whether any other parts might be disposed of to bolster the group's financing structure. He is understood, however, to feel that the supermarket business is at the heart of the mutual's operations.