Get 40% Off
🤯 Perficient is up a mind-blowing 53%. Our ProPicks AI saw the buying opportunity in March.Read full update

Norges Bank buys into Britain's Metro Bank after cash call

Published 21/05/2019, 11:39
© Reuters. FILE PHOTO: A logo is seen on the outside of a branch of Metro Bank in central London

(Reuters) - Norway's sovereign wealth fund bought a 3.10% stake in Metro Bank (LON:MTRO) on Friday, a day after the British lender raised 375 million pounds to shore up its balance sheet, a filing showed.

The nine-year-old challenger bank saw its market value fall by more than 1.5 billion pounds after disclosing in January it had under-reported the risk of its loan book by nearly 1 billion pounds, hitting its capital levels.

Metro Bank's management remains under pressure and Chairman Vernon Hill and some of his board are facing growing calls to resign ahead of the bank's annual shareholder meeting on Tuesday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.