Metro Bank raises £52m for growth

The Pak Banker - - Company& -

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

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