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...The news comes weeks after Metro announced job cuts and a review of the seven-days-a-week opening policy that differentiated it from legacy high street banks when it launched in 2010....
...NatWest, Santander and Lloyds Banking Group were weighing bids for parts of Metro Bank on Sunday night, as several big lenders ruled out a full takeover of the UK challenger bank without state support....
...Metro became the first new high street bank in the UK for a century when it opened its flagship branch in Holborn, in central London, in 2010....
...The Colombian billionaire behind Metro Bank’s weekend financing deal has said he sees opportunities to use the UK challenger bank as a base for acquisitions — once costs are brought under control — following...
...Metro Bank has promised to cut another £30mn off costs, adding to a £50mn plan already in place, as it pushes ahead with its restructuring programme....
...“A customer-centric physical presence complemented by digital capabilities remains a unique offering and sets Metro Bank apart,” he said....
...Remember, the Covid-19 pandemic caused a crisis of almost every other kind, but big US banks didn’t collapse....
...“A customer-centric physical presence complemented by digital capabilities remains a unique offering and sets Metro Bank apart”....
...The UK’s Metro Bank is to cut a fifth of its staff as it extends a cost-cutting plan that is now designed to save £50mn a year....
...To fulfil the placing, Metro Bank issued 500mn new shares at a discounted price of 30p apiece....
...Metro Bank is to cut a fifth of its staff and review its policy of opening branches seven days a week in an effort to cut costs, after shareholders approved a £925mn refinancing deal this month....
...Metro Bank has distinguished itself by betting on physical branches and in-store customer service at a time when most banks have retrenched from the high street....
...The shares, which had already fallen sharply in recent weeks, dropped to 37.05p as the market opened, giving the bank a market capitalisation of £62mn....
...In today’s newsletter: Metro Bank’s messy week Abcam’s takeover drama The regulatory saga that left Metro Bank in a pinch Metro Bank hasn’t exactly been on a tear in recent years....
...In today’s newsletter: Metro Bank’s billionaire white knight ExxonMobil plots a mega-deal The Safras at war The Colombian billionaire taking a punt on Metro Bank The last DD left you, Metro Bank was...
...Why has no bank bought Metro? It trades at a tenth of its book value....
...Other challenger banks are in the same situation. But Metro’s relatively tight capital base made it a particular focus of concern. Metro’s woes are more than regulatory, however....
...Further reading— The Metro Bank Coin Caper (FTAV)— A brief look at Metro Bank’s offer document (FTAV)— The misregulation of Vernon Hill (FT)— How Metro’s challenging week unfolded (FT)— Lex readers weigh...
...Metro Bank has won the support of 75 per cent of its bondholders to carry out a £600mn debt refinancing deal that it hastily agreed over the weekend in order to fill a capital hole....
...Metro arguably faced uniquely high hurdles because of a 2019 scandal where it was found to have applied the wrong risk scores to loans, an error that did little to put the bank in the PRA’s good graces....
...Metro Bank has struck a financing deal with investors after a weekend of negotiations that should give the UK challenger bank some breathing space and fill a capital hole that had prompted talks with regulators...
...Metro has hired Morgan Stanley to provide strategic advice and lead any potential capital raise, said a person familiar with the decision. The US bank declined to comment....
...After a turbulent week during which it urgently sought to raise capital, Metro Bank — known for its airy branches, money machines and dog bowls — has been saved by its existing bond holders....
...Challenger banks should not be overburdened by regulations. The requirement for banks to issue loss-absorbing debt provided a cushion for Metro Bank....
...When word spread that Metro Bank had entered talks with its investors about a major financial restructuring monitored by the Bank of England, many in the City of London saw a problem....
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