Metro launches capital raise following accounting blunder

By Jasper Cox
27 Feb 2019

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.

RBC Capital Markets, Jefferies and Keefe, and Bruyette & Woods are the banks committed to underwriting the deal. It is the same group were on Metro Bank’s raises in 2018 and 2017. The plan is to raise equity at some point this in the first ...

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