Metro Bank has successfully offloaded a mortgage portfolio to Cerberus, is planning to raise debt capital for its minimum requirements for own funds and eligible liabilities (MREL), and is finding a new chair to replace founder Vernon Hill, it said in its second quarter results on Wednesday.
Metro's share price was down 19% on Thursday afternoon.
The bank confirmed that it had disposed of a £521m portfolio this month to an affiliate purchaser of Cerberus
Capital Management. The portfolio was mainly retail buy-to-let mortgages with a higher than average loan to value ratio (66% versus the