Bank of England approached UK lenders to gauge interest in troubled Metro Bank, Financial Times reports

Bank of England approached UK lenders to gauge interest in troubled Metro Bank, Financial Times repo...

The Bank of England’s Prudential Regulation Authority has approached several major UK lenders to gauge their interest in acquiring Metro Bank, according to the Financial Times. JPMorgan and HSBC reportedly considered bids for Metro Bank but ultimately decided not to proceed due to the additional capital requirements for a buyer. The Bank of England and HSBC declined to comment on the matter, while JPMorgan and Metro Bank have not yet responded to requests for comment. Metro Bank has recently rejected takeover approaches from Shawbrook and is currently in talks with bondholders regarding an equity injection and debt restructuring. Consultancy EY is overseeing the bidding process for Metro Bank, which aims to secure new funds before the stock market opens on Monday. Metro Bank has faced various challenges in recent years, including accounting errors, leadership changes, and regulatory delays. The bank has stated that it is considering a combination of equity and debt issuance, refinancing, and asset sales as funding options. Metro Bank’s shares hit a record low on Thursday but rebounded on Friday, closing up 21% at 45.25 pence. The stock has experienced a decline of over 55% in the past four weeks.

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