Metro Bank raises £52m for growth
LONDON: Metro Bank has successfully completed its second round of capital raising and can now accelerate its expansion in UK retail banking.
The bank, the first high street bank to be launched in over a century, raised £51.7m at a 20pc premium to its original share price. Vernon Hill, cofounder and vice-chairman of Metro Bank who invested in the second round, now owns 21pc of the bank and has a stake worth £32m. Other investors include fund managers Fidelity and Wellington and New York real estate developer Richard LeFrak. "It is fair to say that our launch was more successful than we expected and we raised more capital to speed up the pace of growth," Mr Hill said.
He said that the bank's initial public offering was on track for 2012. It is likely that the bank will open 18 retail outlets by then, six more than originally planned. -PB News
STOCKHOLM: Swedish Prime Minister Fredrik Reinfeldt (L) speaks to journalists in Stockholm day after twin blasts rocked the center of the Swedish capital. -Ap