Metro Bank shares plunge on £600m capital raise reports
The IndependentFor free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy High street lender Metro Bank has seen its shares plunge as it considers a reported £600 million capital raise to shore up its finances. The bank’s shares tumbled by as much as a third soon after market opening on Thursday, before settling around 23% lower, on reports that the firm is in talks with investors to raise around £250 million in equity funding and £350 million in debt. Metro Bank said: “The company continues to consider how best to enhance its capital resources.” Its shares have suffered hefty falls after regulators last month refused to approve a request from the bank to lower the capital requirements attached to its mortgage business. Ratings agency Fitch placed Metro Bank on negative watch on Wednesday, citing concerns over its capital strength and funding, as well as its business model.
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