Metro shares fall to fresh low after axing debt-raising

Credit: REUTERS/Toby Melville

LONDON, Sept 24 (Reuters) - Shares in Britain's Metro Bank MTRO.L plumbed a fresh all-time low on Tuesday, a day after the struggling lender scrapped a crucial bond sale aimed at bolstering its balance sheet in line with regulatory demands.

The lender's shares opened down as much as 17%, before paring some of its losses to trade 12% down at around 240 pence.

Metro, which launched on British high streets in 2010, has struggled to rebuild investor confidence after disclosing a major loan book error in January that wiped more than 1.5 billion pounds off its stock value.

(Reporting By Iain Withers and Sinead Cruise, editing by Abhinav Ramnarayan)

((sinead.cruise@thomsonreuters.com; 020 7542 5154; Reuters Messaging: sinead.cruise.thomsonreuters.com@reuters.net))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.