Banking

Metro shares fall to fresh low after axing debt-raising

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Iain Withers Reuters
Sinead Cruise Reuters
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Credit: REUTERS/Toby Melville

Shares in Britain's Metro Bank 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.

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.

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