Deposits flowed out of Metro ahead of debt, equity raises

By Jasper Cox
02 May 2019

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.

The bank had £15.1bn in deposits at the end of the quarter, up 19% from the previous year. But after the troubling trading update in January, total deposits fell by 3.6%, mostly from “a small number of large commercial and partnership accounts in January and February”, Metro said. ...

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