Metro Bank shareholders back rescue deal

The move will see Colombian billionaire Jaime Gilinski Bacal increase his stake in the business and comes after the bank announced it had negotiated a £925m, consisting of £325m of new capital as well as £600m of debt.  

Part of the deal will also see Bacal become Metro’s controlling shareholder, with his stake in the business going up from nine percent to 53% - while his firm, Spaldy Investments, is putting £102m into the bank.  

All four resolutions making up the proposal was passed with more than 90% of support from its shareholders during a general meeting, with the new shares coming into effect on Thursday (30 November).

The news comes after a tumultuous period for Metro, when its shares plummeted by a quarter last month after it revealed it was considering raising millions of pounds from investors.