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Metro Bank shareholders back rescue deal
Metro Bank can proceed with its multimillion rescue deal after receiving approval from its shareholders.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
The move will see Colombian billionaire Jaime Gilinski Bacal increase his stake in the business and comes after the bank announced it had negotiated a £925m, consisting of £325m of new capital as well as £600m of debt.
Part of the deal will also see Bacal become Metro’s controlling shareholder, with his stake in the business going up from nine percent to 53% - while his firm, Spaldy Investments, is putting £102m into the bank.
All four resolutions making up the proposal was passed with more than 90% of support from its shareholders during a general meeting, with the new shares coming into effect on Thursday (30 November).
The news comes after a tumultuous period for Metro, when its shares plummeted by a quarter last month after it revealed it was considering raising millions of pounds from investors.
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