Wednesday, 25 November 2020

Metro Bank says well advanced in equity raising plan

Photographer: Chris J. Ratcliffe/Bloomberg

LONDON: Metro Bank Plc’s plan to raise about 350 million pounds ($455 million) of equity capital to support its growth is well advanced, the British bank said in a statement.

The company said it had started final discussions with existing and new shareholders and feedback has been positive.

The equity raising, first announced in February, is expected to be via a placing subject to shareholder approval, the bank said.

Metro Bank has been seeking investor backing for the fundraising after an accounting mistake in January wiped more than 1.5 billion pounds off its market value.

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