February 26, 2019 / 4:47 PM / 7 months ago

British lender Metro Bank announces 350 mln pound shareholder cash call

Feb 26 (Reuters) - Britain’s Metro Bank plans to raise 350 million pounds ($464 million) in a shareholder cash call, it said on Tuesday, a month after announcing a sharp rise in exposure to higher-risk mortgages.

Metro, founded in 2010 to help to break up the dominance of Britain’s biggest banks, said the equity raise was expected to be launched in the first half of 2019 after consultation with shareholders.

Reporting by Noor Zainab Hussain in Bengaluru and Iain Withers and Clara Denina in London Editing by David Goodman

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