Metro shares fall to fresh low after axing debt-raising

FILE PHOTO: Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay - Copyright Hannah McKay(Reuters)

By Reuters

Published on 24/09/2019 - 09:34•Updated 24/04/2024 - 09:48

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LONDON (Reuters) - Shares in Britain's Metro Bank <MTRO.L> plumbed a fresh all-time low on Tuesday, a day after the struggling lender scrapped a crucial bond sale aimed at bolstering its balance sheet in line with regulatory demands.

The lender's shares opened down as much as 17%, before paring some of its losses to trade 12% down at around 240 pence.

Metro, which launched on British high streets in 2010, has struggled to rebuild investor confidence after disclosing a major loan book error in January that wiped more than 1.5 billion pounds off its stock value.

(Reporting By Iain Withers and Sinead Cruise, editing by Abhinav Ramnarayan)

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