Deposits flowed out of Metro ahead of debt, equity raises

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Deposits flowed out of Metro ahead of debt, equity raises

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File photo dated 14/2/2015 of a Metro Bank sign. Metro Bank chief executive Craig Donaldson will be in the spotlight next week as the lender continues to grapple with the fallout of an accounting error that saw nearly 40% wiped off its value in one day. | Laura Lean/PA Wire/PA Images

Metro Bank’s first quarter trading update, published on Wednesday, revealed that commercial depositors pulled cash out of the bank after the January trading update that stunned capital market participants. Metro is looking to raise equity in the next two months, before issuing £500m of tier two debt later in the year.

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