Metro launches capital raise following accounting blunder

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Metro launches capital raise following accounting blunder

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Hugo, a bearded Collie, in the newly opened Metro Bank branch in Holborn, central London. The first high street bank to launch in the UK for more than 100 years opened its doors to customers today but its products received a lukewarm response from industry commentators. | John Stillwell/PA Archive/PA Images

Metro Bank has obtained a standby underwrite for a £350m ($464m) equity raise to be completed later this year, even as short sellers circle around the bank. The miscalculation in its risk-weighted assets (RWAs) announced last month, and an expected delay in getting permission for internal models to calculate those weightings, are both damaging for its capital ratios.

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