The announcement came just days after The Co-op revealed a £1.5bn plan for its bondholders to help recapitalise the Co-op Bank, putting forward a deal which will see the group's junior securities holders offered shares, reports Legal Week.

New role

Mr Asher – who spent 26 of his 34 years at A&O as partner -  has been leading the A&O team advising on the debt restructuring plan alongside finance partner Mark Sterling, and also led on the Co-op's merger with Britannia Building Society in 2009, as well as Lloyds' rescue takeover of HBOS in 2008.
Mr Asher will take up the newly-created role after he retires from A&O at the start of July.