Metro Bank shares rise after UK lender secures re-financing deal

A banking analyst said the deal appeared to secure the bank's immediate future, but represented 'a very painful rescue' as it entailed a hit for both shareholders and bondholders

Metro Bank struck a fundraising deal to bolster its balance sheet following urgent weekend talks in the wake of volatile trading.

Shares in Metro Bank ended almost 10% higher in London trade, after the embattled British lender struck a fundraising deal to bolster its balance sheet following urgent weekend talks in the wake of volatile trading.

Metro announced a £325m (€376m) capital raising exercise and a £600m debt re-financing over the weekend, in a deal that would hand majority shareholder control to its biggest investor, Colombian billionaire Jaime Gilinski.