Metro Bank strikes last minute deal to bolster its finances as takeover loomed

Rivals weigh up bids for High St lender as Colombian billionaire comes to its rescue as regulators push to bolster its balance sheet or find a buyer

David ConnettEmbattled Metro Bank’s shareholders came to its aid with an eleventh hour rescue package last night as 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’. In a statement the Bank of England said: “The Prudential Regulation Authority welcomes the steps taken by Metro Bank to strengthen its capital position.”

Several banks including Lloyds, NatWest and the Spanish owners of Santander UK were also approached by EY with the aim of trying to secure a deal. The bank was also said to be considering selling off a large part of its mortgage business to help finance its business.

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