{"id":71102,"date":"2023-10-10T16:26:26","date_gmt":"2023-10-10T20:26:26","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/metro-bank-secures-325m-in-new-capital-contemplates-mortgage-sale\/"},"modified":"2023-10-10T16:26:29","modified_gmt":"2023-10-10T20:26:29","slug":"metro-bank-secures-325m-in-new-capital-contemplates-mortgage-sale","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=71102","title":{"rendered":"Metro Bank secures \u00a3325M in new capital, contemplates mortgage sale"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

In a recent move to address regulatory concerns about its financial stability, Metro Bank has secured \u00a3325 million ($395 million) in new capital. The bank, which was established by Vernon Hill in 2010, managed to raise this amount through negotiations that followed regulatory penalties and high-profile exits due to an accounting error.<\/p>\n

The accounting error had underestimated the necessary mortgage capital, leading to a rejection of Metro’s internal method for calculating necessary mortgage capital reserves by regulators. This rejection triggered a 60% share price plummet last month. <\/p>\n

To secure the new capital, Metro raised \u00a3150 million from current shareholders and \u00a3175 million from bondholders. The largest chunk of the equity capital came from the bank’s largest shareholder, Jaime Gilinski Bacal.<\/p>\n

Metro Bank, which boasts 2.8 million customers and assets worth \u00a322 billion, is also considering the sale of \u00a33 billion worth of mortgages as part of its strategy to bolster its financial stability.<\/p>\n

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. In a recent move to address regulatory concerns about its financial stability, Metro Bank has secured \u00a3325 million ($395 million) in new capital. The bank, which was established by Vernon Hill in 2010, managed to raise this amount through negotiations that followed regulatory penalties and high-profile exits due to an accounting error. The […]<\/p>\n","protected":false},"author":1,"featured_media":2953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-71102","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nMetro Bank secures \u00a3325M in new capital, contemplates mortgage sale | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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