Metro Bank Up for Sale Following Recovery Plan
British lender opens bidding process as billionaire investor eyes 420 million pound gain
Metro Bank has publicly announced that it is open to receiving acquisition offers. The decision comes three years after the institution underwent a financial rescue process to avoid total collapse.
The move triggered a 7% rise in the bank's shares during Thursday morning trading. The institution's market value reached approximately 1.3 billion pounds following the news.
Colombian investor Jaime Gilinski Bacal could secure a gain of 420 million pounds if the sale is completed. He holds a 53% stake in the bank through his firm, Spaldy Investments.
Gilinski Bacal acquired the shares for 30 pence each during the 2023 rescue deal. Currently, the stock price is trading at 190 pence, reflecting the asset's appreciation following the operational restructuring.
The institution faced severe crises, including an accounting error in 2019 and difficulties in convincing regulators about its risk management. Since then, the bank has focused on loans for companies and clients with variable income.
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