Metro Bank secures £325m capital raise and £600m in debt refinancing, with Colombian businessman becoming majority shareholder
London-based Metro Bank shares rose sharply on Monday morning after it announced it had secured a £325 million ($395.6 million) capital raise and £600 million in debt refinancing. Colombian businessman Jaime Gilinski Bacal has become the bank’s majority shareholder with a 53% stake. As part of the debt restructuring, some bondholders will see a 40% reduction in their holdings. In addition, Metro Bank is in discussions for the potential sale of up to £3 billion of residential mortgages. The bank’s shares experienced volatility last week but saw a 26% increase following the news of the capital raise. This financing package will allow Metro Bank to focus on specialist mortgages, commercial lending, raising deposits, and continuing growth in current accounts.