Metro holds begging bowl

METRO Bank has launched a final push to tempt new investors in a battle to raise £350m – with the results expected tonight.

Chairman Vernon Hill has been calling senior City figures to seek support, after a share price crash following an accounting error.

Metro has also approached sovereign wealth funds about buying new stock, sources said, and is expected to announce it has raised the money from a mix of new and existing investors, after markets have closed this evening.

An institutional investor said: ‘I was asked to take part, but turned the offer down.’ In a blow, Metro’s sixth biggest investor cut its stake from 5.05pc to 4.89pc.

Shares have plunged since January, after Metro said it miscalculated the riskiness of some loans, and are almost 87pc down from a peak in March last year.

Metro is seeking money so it can fund future growth. Last night shares rose 7pc, or 33p, to 508p.