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Leading investor in Metro Bank cuts stake by nearly a third

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Leading investor in Metro Bank cuts stake by nearly a third
FILE PHOTO: A logo is seen on the outside of a branch of Metro Bank in central London July 28, 2010. REUTERS/Toby Melville/File Photo   -   Copyright  Toby Melville(Reuters)
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LONDON (Reuters) – U.S. investment firm Fidelity Management & Research, one of the biggest investors in Britain’s Metro Bank, has cut its stake in the lender by almost a third.

FMR cut its holding in the firm from 7.55 percent to 5.37 percent, a Metro Bank regulatory filing showed on Friday. FMR is the second-biggest investor in the bank, Refinitiv data showed.

The move comes at a tough time for Metro Bank as it tries to win investor backing for a 350 million pound fundraising after an accounting mistake in January that has wiped more than 1.5 billion pounds off its market value.

FMR was not immediately available for comment when contacted by Reuters. Metro Bank declined to comment.

(Reporting by Iain Withers; Editing by Simon Jessop and Edmund Blair)

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