Wee look at what has happened, how the group s share price has been affected, what the plans for branches are and what the rescue deal means for savers.
Wee look at what has happened, how the group s share price has been affected, what the plans for branches are and what the rescue deal means for savers.
LONDON (Reuters) -Shares in Metro Bank jumped in early trading on Monday, after the embattled British lender struck a fundraising deal overnight to bolster its balance sheet following urgent weekend talks in the wake of volatile trading. Metro announced a 325-million-pound ($396-million) capital raising exercise and a 600-million-pound debt refinancing on Sunday, in a deal that would hand majority shareholder control to its biggest investor, Colombian billionaire Jaime Gilinski. Gary Greenwood, banking analyst at Shore Capital, said the deal appeared to secure the bank's immediate future, but represented "a very painful rescue" as it entailed a hit for both shareholders and bondholders.
Metro Bank shares bounce after deal to secure capital rte.ie - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from rte.ie Daily Mail and Mail on Sunday newspapers.
Embattled British bank Metro
announced a 325 million pound capital
raise and 600 million pound debt refinancing on Sunday, after a
weekend of urgent talks to bolster its balance sheet after.