Seeking to secure its future and close a period of uncertainty, Metro Bank has announced a reported £325m in extra funding from investors.
It comes after there were reports in the Financial Times that NatWest and Lloyds were both looking to bid to acquire a stake in the bank, as widespread rumours of financial shortcomings circulated around the firm.
Metro had grown from its position as challenger bank after forming off the back of the financial crisis to build a strengthened retail footprint in the UK.
The bank, however, was reportedly in the midst of a challenging period as economic circumstances became increasingly difficult.
That being said, an announcement from Metro sought to bring stability to the bank’s status this weekend as it revealed £325m in capital was secured via shareholders and fresh supporters.
Metro Bank’s Chief Executive, Daniel Frumkin, emphasised his belief that the latest measures can usher in a new era of stability. He went on to add that its loyal customer base and engaged colleagues underpin its strong franchise.
Whilst there are still challenges for the bank, the move will bring some assurances to customers that had previously been concerned with its future.
