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Metro Bank confirms £350m equity raise plan is ‘well advanced’

Theo Osborn | 14:30 Monday 13th May 2019

Metro Bank has confirmed that it plans to raise around £350m of equity capital to support its growth.

It claims that these plans are well advanced and it has commenced final discussions with existing shareholders and new investors.

The feedback for this is said to be positive and the equity raise is expected to be through a placing, subject to shareholder approval.

The challenger bank intends to respect the principles of pre-emption as far as practicable via the allocation process.

The raise will be completed by the end of Q2 2019, subject to approvals.

This comes after the bank reported in its Q1 2019 trading update that it now has 1.7 million customers.

It achieved a year-on-year personal current account growth of 24%, with a business current account increase of 23%.

Its loan book now stands at £15.2bn, with a year-on-year loan growth of £4.2bn.

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