LONDON, Oct 9 (Reuters) - Shares in Metro Bank (MTRO.L) jumped in early trading on Monday, after the embattled British lender struck a fundraising deal overnight to bolster its balance sheet following urgent weekend talks in the wake of volatile trading.
Why did Metro Bank's shares plunge?
Metro Bank's shares plunged after reports it is seeking to raise millions to bolster its finances. The bank's shares sank by as much as a third after newspapers reported it needed to raise up to £600m. Metro Bank sought to reassure investors about its financial position on Thursday.
Why are Metro Bank shareholders backing a £1bn rescue deal?
Metro Bank shareholders have voted to back a rescue deal worth nearly £1bn aimed at securing the bank's future. The agreement to raise extra funds from investors and refinance debt was struck last month after speculation about Metro's financial position. The deal includes £325m in new funding and the refinancing of £600m of debt.
