The troubled UK lender Metro Bank capital fix highlights bigger failings, says aimeedonnellan:
British lender Metro Bank said on May 17 it had raised 375 million pounds to shore up its capital.
The accelerated share placing was priced at 500 pence per share, 14% below the stock’s closing price on May 16. The placing is conditional on shareholders agreeing to waive rights which entitle them to preferential participation in a fundraising. A source close to the deal said there had been more than 770 million pounds of interest in the funding round. RBC, Jefferies and KBW advised on the fundraising.The Prudential Regulation Authority said the bank was “profitable and continues to have adequate capital and liquidity to serve its current customer base”.
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