Economy
This package allows Metro Bank to continue developing its products and services to meet the banking needs of its customers
Metro Bank announced on Monday the 9th that it had secured a £325m capital increase and £600m debt refinancing, “improving balance sheet strength and accelerating earnings potential”. With this news, the bank’s shares rose by 10.94% on the London Stock Exchange.
Spaldy Investments Limited will become the controlling shareholder of Metro Bank. The package allows Metro Bank to continue developing its products and services to meet the banking needs of its customers, both digitally and physically, according to a statement issued by the institution.
The publication also says: “This action provides the opportunity to significantly increase assets in the coming years by gradually shifting asset-side growth to specialty mortgages and commercial loans to improve risk-adjusted returns.”
In an official statement, a spokesperson for the Bank of England (BoE) said: “The Prudential Regulation Authority welcomes the actions taken by Metro Bank to strengthen its capital position.”
The deal comes after investors were spooked last week by news that the bank was seeking a large financing package. Negotiations took place over the weekend, with several major potential bidders being approached for potential offers.
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The article was published on 9 October 2023 at 17:05
October 9, 2023 at 5:05 pm
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