Metro Bank urgent fundraise plans spark sharp sell-off

Chair meets with FCA and PRA

clock • 2 min read

Metro Bank's chair has met with the City’s regulators today (5 October) after reports that the bank was in need of a large cash injection sparked a sharp sell-off of its shares.

CEO Daniel Frumkin and chair Robert Sharpe have both been summoned to meet with the Bank of England's Prudential Regulation Authority and Financial Conduct Authority today (5 October), according to a report by the FT.   Metro Bank has confirmed it is "evaluating the merits of a range of options" to refinance its debt, after Sky News revealed the bank was seeking to raise hundreds of millions of pounds in debt and equity to shore up its balance sheet, which sent its shares plummeting 30% in mid- morning trading. ECB: Weaknesses in shadow banking increase spillover risk to European bank...

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