Metro Bank exceeds equity raise target with £375m investment

London-based Metro Bank has announced it has exceeded its £350m equity raise goal due to support from investors.

Vernon Hill, chairman and founder at Metro Bank commented: “I am really pleased with the support we have received from both existing and new shareholders, and for their confidence and belief in Metro Bank’s strategy.”

The firm managed to raise £25m more than its initial target, in a bid to cover a funding gap caused by accounting errors earlier this year.

Vernon continued: “The placing was significantly oversubscribed and as a consequence we raised a total of £375 million.

“Although we’ve faced challenges in the past few months, we remain fully focused on providing the outstanding service and convenience that our customers expect of us. This growth capital will enable us to continue to expand the business and implement our strategic initiatives.”

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