According to Reuters, the Co-op bank has been working with PJT Partners and Fenchurch Advisory to think of ways that could create value for its owners, including the possibility of mergers and acquisitions and the option to sell the bank in an initial public offering (IPO).

The bank is not actively soliciting offers as it waits for market conditions to improve.

The move is seen as a kickstart to launch the consolidation among UK’s midsized banks. Officials for Co-op Bank, Aldermore, OneSavings Bank, Paragon and Shawbrook declined to comment.

In March, Co-op Bank CEO Nick Slape told the Mail that he was unaware of any takeover interest but noted that things could change.

“It goes with progress. If the bank is progressing and performance is better, somebody might want to look at us,” Slape said. “For some years now people have talked about consolidation in the mid-tier sector”, he continued.

The Co-operative Bank Holdings Ltd (CBH) is a bank-holding company offering personal and business banking solutions through Co-op bank. Personal banking services include managing accounts, deposits, savings, loans, credit cards, mortgages, life and non-life insurance, as well as pre-paid funeral plans.

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The bank is headquartered in Manchester, the UK.