Metro Bank in ‘final discussions’ for £350m equity raise

Metro Bank has announced that plans to raise £350m in funds to support growth are “well advanced” following media speculation that the bank is struggling.

The London-based bank has said it is undergoing final discussions with shareholders and new investors, with feedback continuing to be ‘positive’.

The equity raise follows a share drop of 75 per cent since January after a funding gap occurred due to an accounting error.

Metro Bank hopes that the equity raise will plug the gap left by the error, and is also considering selling off commercial loans that were affected.

According to the announcement, the raise is scheduled to be completed by the end of June.