Metro returns mortgages to Cerberus, plans MREL raise

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By Jasper Cox
25 Jul 2019

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 CerberusCapital Management. The portfolio was mainly retail buy-to-let mortgages with a higher than average loan to value ratio (66% versus the ...

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