METRO BANK Shares fall further despite ‘well advanced’ plans


Shares in embattled lender Metro Bank have come under renewed pressure despite a statement over the weekend that its plans to raise £350m in fresh capital were “well advanced”.

The bank said it was in “final discussions” with existing shareholders and new investors over the share placing – after Sky News revealed that details were set to be unveiled this week.

Metro Bank has been forced to raise fresh capital after a major accounting error first disclosed in January, which has spooked investors and sent its market value tumbling.

Shares were down by 7% in early trading on Monday, leaving them 70% lower for the year to date