Metro Bank has begun talks over selling a portion of its mortgage book to rivals as the firm’s mounting troubles come under scrutiny from the Bank of England and the Treasury.
Sky News reported the bank was eyeing a sale of £3bn of its mortgage book in an attempt to shore up its balance sheet and had opened talks with Lloyds Banking Group, NatWest Group and HSBC. This would add to the potential equity and debt raising that is being targeted by the bank in order to refinance a £350m MREL debt due next year. Metro Bank urgent fundraise plans spark sharp sell-off The equity raise has been made significantly more difficult following the bank's share price decline yesterday (5 October), bottoming at more than 30% before closing at 27.7%, according to data fro...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
