Rivals weigh up bids for high street lender as Colombian billionaire comes to its rescue as regulators push to bolster its balance sheet or find a buyer
‘s shareholders came to its aid with an eleventh hour rescue package last night as the lender faced being sold or forced into selling off its assets.
Daniel Frumkin, Metro’s chief executive, welcomed the deal, saying it marked “a new chapter” for the bank helping it deliver profits “as we strive towards our ambition to be the UK’s number one community bank”. JPMorgan and HSBC are reported to have studied bids but were deterred by the amount required take over the challenger bank, theThe Bank of England, which is monitoring the situation closely, declined to comment. Metro’s difficulties emerged last week when it was revealed that it had approached investors for as much as £600m.
The bank was also said to be considering selling off a large part of its mortgage business to help finance its business. However, the regulators rejected the request. After it was reported that it needed further capital, Metro’s shares fell by more than a quarter, although they later partly recovered when news of the bondholders’ offer became known.
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