May 11, 2019 / 5:23 PM / 13 days ago

Britain's Metro Bank says well advanced in equity raising plan

FILE PHOTO: A logo is seen on the outside of a branch of Metro Bank in central London July 28, 2010. REUTERS/Toby Melville/File Photo

(Reuters) - Metro Bank Plc’s plan to raise about 350 million pounds ($455 million) of equity capital to support its growth is well advanced, the British bank said in a statement on Saturday.

The company said it had started final discussions with existing and new shareholders and feedback has been positive.

The equity raising, first announced in February, is expected to be via a placing subject to shareholder approval, the bank said.

Metro Bank has been seeking investor backing for the fundraising after an accounting mistake in January wiped more than 1.5 billion pounds off its market value.

Reporting by Ishita Chigilli Palli in Bengaluru; Editing by Edmund Blair

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