Metro Bank, one of the United Kingdom’s leading challenger banks, has unveiled a plan to secure its future with a £925m financing package. The deal will involve a significant haircut for investors in the bank’s riskiest bonds and will give Colombian financier Jaime Gilinski a controlling stake. The plan was formulated from Gilinski’s private island enclave near Miami, known as Billionaire Bunker. Discussions took place over the weekend, and the deal was announced on Sunday. Regulators were keen to prevent the bank from collapsing, following a string of high-profile bank failures earlier this year. Metro Bank, which was launched in 2010 as the UK’s first new consumer bank in over a century, is known for its glitzy branches and customer service approach. The fresh capital injection will allow the bank to strengthen its balance sheet and focus on its future goals.
More detail via The Star here… ( Image via The Star )
