Shareholders of Metro Bank have voted in favour of a £925m rescue deal to inject capital into the bank.
Last month, it announced that it had secured a package comprising a £325m capital raise and £600m of debt refinancing.
The capital raise includes £150m of new equity and £175m of new minimum requirement for own funds and eligible liabilities (MREL) issuance.
Some 90 per cent of Metro Bank’s shareholders voted to approve all the resolutions.
This arrangement will also see the lender’s largest shareholder Spaldy Investments increase its stake from nine to 53 per cent and become a controlling stakeholder.
During the announcement of the deal last month, Metro Bank said the money would allow it to grow its assets and shift to commercial lending.
The bank is also looking to sell a £3m residential mortgage portfolio.
This comes after Metro Bank’s approval for its advanced internal rating-based (AIRB) application from the Prudential Regulation Authority (PRA) was denied for this year.
The bank hoped to gain approval which would allow it to use internal risk modelling for residential mortgage lending.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
