Norges Bank buys into Britain's Metro Bank after cash call
Published May 21, 2019 11:39
Norges Bank buys into Britain's Metro Bank after cash call
(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.
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Written By: Reuters
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