Metro Bank Shareholders Approve £925m Rescue Plan

Colombian billionaire Jaime Gilinski Bacal to become majority shareholder, as bank also negotiates £3bn mortgage book sale to Barclays.

Metro Bank shareholders have approved a £925m refinancing plan, with 92.73% of the total votes cast in favor.
The rescue plan includes a £325m capital raise and £600m debt refinancing, and was previously approved by bondholders in October.
Colombian billionaire Jaime Gilinski Bacal, Metro Bank's biggest investor, will become the majority shareholder as a result of the deal.
Metro Bank is also in exclusive talks with Barclays to sell a £3bn residential mortgage book, which would further strengthen its capital position.
The bank, which launched in 2010 as the first new lender in over a century, has faced numerous setbacks including accounting errors, leadership departures, and regulatory delays.