LONDON (Reuters) - JP Morgan (>> JPMorgan Chase & Co.) received 7 million pounds in fees for advising the Co-operative Bank (>> Co-operative Bank plc) on its takeover of the Britannia Building Society, one of its top executives told MPs on Tuesday.

5 million pounds of the fees were contingent on the deal going through, Tim Wise, managing director of UK investment banking at JP Morgan told the Treasury Select Committee (TSC).

Co-op's takeover of Britannia in 2009 saddled it with a portfolio of souring property loans and contributed to the 1.5 billion pound capital shortfall which has led the bank to fall under the control of hedge funds.

(Reporting by Matt Scuffham)

Stocks treated in this article : JPMorgan Chase & Co., Co-operative Bank plc
Valeurs citées dans l'article : JPMorgan Chase & Co., Co-operative Bank plc