The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
Shares in Metro Bank Plc fell more than 9% to a fresh record low despite the British lender’s assurances that its 350 million-pound ($455 million) share sale to repair its finances was well advanced.
Metro has started “final discussions with existing shareholders and new investors, and the feedback continues to be positive,†the firm said in a statement, confirming reports over the weekend.
The bank said the sale will be completed by the end of the second quarter, sticking to a schedule announced in February when it first said it was raising money. Shares in the bank have lost three-quarters of their value since regulators found that some of Metro’s mortgages were given the wrong risk weighting.
“While this may provide near-term respite, it is still not enough in our view,†Citigroup Inc. analysts Nicholas Herman and Andrew Coombs said in a note before the market open on Monday.