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☆ Metro Bank shares jump after deal to bolster finances
▼ + stars: | 2023-10-09 | by ( Iain Withers | ) www.reuters.com time to read: +3 min

Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay/File Photo Acquire Licensing RightsSummaryCompanies Metro Bank shares up as much as 26%Colombian billionaire Jaime Gilinski to take majority controlMetro backers face 'very painful rescue' - analystLONDON, Oct 9 (Reuters) - Shares in Metro Bank (MTRO.L) 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 Bank shares were up 26% at 56.9 pence by 0800 GMT. As part of the deal, Metro has agreed to a capital raise comprising 150 million pounds of new equity and a 175-million-pound issuance of bail-in debt known as "MREL". Metro shares remain around 97% down from when it first listed on the London stock exchange in 2016 at 20 pounds a share.

Persons: Hannah McKay, Jaime Gilinski, Gary Greenwood, John Cronin, Iain Withers, Louise Heavens, Clarence Fernandez Organizations: Metro Bank, REUTERS, Metro, Shore Capital, Bank of England's Prudential, Authority, Lloyds, HSBC, Metro's, Spaldy Investments, Thomson Locations: London, Britain

☆ Shares of UK's Metro Bank up 26% after securing fresh capital
▼ + stars: | 2023-10-09 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

LONDON — Shares of the U.K.'s Metro Bank were sharply higher Monday morning, after the lender on late Sunday announced it had secured a £325 million ($395.6 million) capital raise and £600 million in debt refinancing. The capital raise includes £150 million of new equity and £175 million of "MREL" issuance, a form of bail-in debt. Metro Bank shares were 25.5% higher at 10:28 a.m. London time. The deal comes after investors were last week spooked by news that the bank was searching for a large financing package. Crunch talks took place over the weekend, with several large banks approached for potential offers, according to multiple reports.

Persons: Crunch, Jaime Gilinski Bacal, Bacal Organizations: Metro Bank, Sunday, Spaldy Investments, Bank Locations: London, Colombian

☆ Metro Bank: Colombian billionaire Jaime Gilinski Bacal takes control of struggling UK lender
▼ + stars: | 2023-10-09 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Jaime Gilinski Bacal, a Colombian banking and real estate entrepreneur, has taken control of Metro Bank as part of a bigger rescue deal to fill a hole in the UK lender’s finances. Metro Bank said in a statement late on Sunday that it had raised £325 million ($396 million) from investors, split between £150 million ($183 million) of equity and £175 million ($213 million) of debt. Metro Bank’s shares were trading 22% higher Monday but have still lost 55% so far this year. The Bank of England welcomed the deal, which will also see Metro Bank refinance £600 million ($731 million) of debt, causing losses to some bondholders. Metro Bank CEO Daniel Frumkin said the deal “marks a new chapter” for the lender, which has reported losses for several years.

Persons: London CNN — Jaime Gilinski Bacal, Stock, Daniel Frumkin, Gilinski, Forbes, Gilinski Bacal, Dorita, Fitch Organizations: London CNN, Metro Bank, Lloyds, Barclays, BCS, HSBC, —, Metro Bank’s, Bank of England, Fitch, Bank Locations: Colombian, America

LONDON, Oct 8 (Reuters) - Embattled British bank Metro (MTRO.L) announced a 325 million pound ($396.5 million) capital raise and 600 million pound debt refinancing on Sunday, after a weekend of urgent talks to bolster its balance sheet after a volatile week of trading. Metro Bank had sought to shore up its finances after a string of setbacks in recent years, including accounting errors, leadership departures and delayed regulatory approval for key capital reliefs. The equity raise was led by Metro's largest shareholder, Gilinski-owned Spaldy Investments, which contributed 102 million pounds. The Bank of England's Prudential Regulation Authority said in a statement: "The Prudential Regulation Authority welcomes the steps taken by Metro Bank to strengthen its capital position." Reuters reported on Friday that Metro Bank was set to discuss funding options with its shareholders over the weekend, after a proposal from bondholders earlier in the week was seen as handing over too much control.

Persons: Jaime Gilinski, Gilinski, Iain Withers, Anousha, Huw Jones, Pablo Mayo Cerquerio, Londo, Lavanya, Lisa Shumaker Organizations: Metro, Metro Bank, Metro's, Spaldy Investments, of England's Prudential, Authority, Prudential, HSBC, Lloyds, Reuters, Thomson Locations: Colombian, London, Bengaluru

☆ UK's Metro Bank rejected takeover approaches from Shawbrook, in talks for debt restructuring, equity injection - media
▼ + stars: | 2023-10-07 | by ( ) www.reuters.com time to read: +2 min

Oct 7 (Reuters) - British lender Metro Bank (MTRO.L) on Saturday rejected a series of takeover approaches from specialist business lender Shawbrook and later held talks with bondholders about an equity injection alongside a debt restructuring, media reports said. Metro Bank rejected a series of takeover approaches from Shawbrook, including one made in the second half of September, Sky News reported on Saturday. Both Metro Bank and Shawbrook declined to comment on the Sky News report when contacted by Reuters. Metro didn't immediately respond to request for comment about the debt restructuring and equity injection. The mid-sized British lender's shares plunged on Thursday following reports it is trying to raise as much as 600 million pounds to strengthen its capital levels.

Persons: Shawbrook, Jaime Gilinski, Juby Babu, Baranjot Kaur, Clelia Oziel, Franklin Paul Organizations: Metro Bank, Sky News, Bloomberg News, Bloomberg, Reuters, Metro, Spaldy Investments, LinkedIn, Franklin Paul Our, Thomson Locations: Shawbrook, London, Bengaluru

Metro Bank and the Bank of England declined to comment. Metro Bank's largest shareholder is Colombian billionaire Jaime Gilinski, who owns around a 9% stake through his investment vehicle Spaldy Investments. Metro Bank's customer deposits, like those of other UK banks, are backed by a government guarantee up to 85,000 pounds. Metro Bank said on Thursday its options included a combination of equity and debt issuance, as well as refinancing and asset sales. The news wiped a quarter off Metro Bank's share value on Thursday as its shares hit a record low.

Persons: Jaime Gilinski, Dorita, Iain Withers, Anousha, Kirsten Donovan, Chris Reese Organizations: Metro Bank, Metro, Bank of England's Prudential, Authority, Bank of England, Metro Bank's, Spaldy Investments, Reuters, Thomson Locations: Colombian

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