Metro Bank shareholders have approved the retail bank’s £375 million fundraising deal, after it raised cash to drive its recovery following a major loans blunder.
Metro Bank shares have surged after the high street bank secured £375 million from investors who backed the firm after a major loans blunder.
Metro Bank has seen its shares come under pressure after the lender was forced to quash “false rumours” on social media over its financial health and said plans to shore up its finances were well advanced.
Metro Bank has revealed the impact of a major accounting error and subsequent investor cash call during a “challenging” first quarter.
Shareholders in Metro Bank have been advised to vote against the re-election of founder and chairman Vernon Hill as the lender grapples with the fallout of a major accounting blunder.
Metro Bank chairman Vernon Hill is facing the prospect of an embarrassing shareholder rebellion after an investor hit out at more than £21 million of payments from the lender to his wife’s architecture firm.