Metro Bank grappling for funds ahead of the opening bell on Monday
<img width="250" height="187" src="https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Metro-Bank-grappling-for-funds-ahead-of-the-opening-bell-on-Monday-5296693692iStock-1447859704-250×187.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Metro-Bank-grappling-for-funds-ahead-of-the-opening-bell-on-Monday-5296693692iStock-1447859704-250×187.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Metro-Bank-grappling-for-funds-ahead-of-the-opening-bell-on-Monday-5296693692iStock-1447859704-700×525.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Metro-Bank-grappling-for-funds-ahead-of-the-opening-bell-on-Monday-5296693692iStock-1447859704-768×576.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Metro-Bank-grappling-for-funds-ahead-of-the-opening-bell-on-Monday-5296693692iStock-1447859704-120×90.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Metro-Bank-grappling-for-funds-ahead-of-the-opening-bell-on-Monday-5296693692iStock-1447859704-245×184.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Metro-Bank-grappling-for-funds-ahead-of-the-opening-bell-on-Monday-5296693692iStock-1447859704-500×375.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/10/FIN-LP-Metro-Bank-grappling-for-funds-ahead-of-the-opening-bell-on-Monday-5296693692iStock-1447859704.jpg 1183w" sizes="(max-width: 250px) 100vw, 250px" /><p><span data-contrast="auto">Reuters indicated both JPMorgan (JPM.N) and HSBC (HSBA.L) considered the bids for the bank but decided against a takeover as it required too much additional capital. On Saturday, certain Metro Bank bondholders met the company’s executives to discuss funding of £500m and agree on a takeover deal before the market opens on Monday.</span><span data-ccp-props="{"201341983":0,"335559740":256}"> </span></p>
<p><span data-contrast="auto">Metro Bank has suffered numerous setbacks in recent years. Accounting errors, losing top executives, and delayed regulatory green lights for key capital reliefs were some of the hobbling factors that caused the company’s current position.</span><span data-ccp-props="{"201341983":0,"335559740":256}"> </span></p>
<p><span data-contrast="auto">Financial experts predict that should restitutive steps such as bondholder-led financing or capital funding fail, Metro Bank will have no other choice but a takeover. On Thursday, the finance institution said its current options include combined equity and debt issuance, refinancing, and asset sales.</span><span data-ccp-props="{"201341983":0,"335559740":256}"> </span></p>
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<p><span data-contrast="auto">The bank initiated these discussions after a dismal week of trading. On Thursday, shares tumbled to a record low when word of the fundraising hit the wires. Losses pared the next day, and shares closed trading at 21% up at £45.25. Reuters indicated that MTRO.L plummeted by more than 55% in the last four weeks.</span><span data-ccp-props="{"201341983":0,"335559740":256}"> </span></p>
<p><span data-contrast="auto">When it opened its high-street doors in 2010, Metro Bank was the first new lender to surface on the British scene in a century. It has approximately 2.7 million customer accounts.</span><span data-ccp-props="{"201341983":0,"335559740":256}"> </span></p>
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