Colombian Billionaire Takes Over UK's Sinking Metro Bank

Jaime Gilinski Bacal, a Colombian banking and real estate entrepreneur, has assumed control of Metro Bank as part of a larger rescue deal to address the UK lender's financial challenges, Hanna Ziady reported for CNN.

Metro Bank has experienced a significant drop in share prices over the past year. I Photo: Can Pac Swire Flickr

Metro Bank, in a statement, announced that it had secured £325 million ($396 million) from investors, with £150 million ($183 million) in equity and £175 million ($213 million) in debt.

Of the new equity, Gilinski Bacal's Spaldy Investments will contribute £102 million ($124 million), increasing its stake from 9% to 53%.

Metro Bank, which was established in 2010 as the first challenger to major British main street banks, including Lloyds, Barclays, and HSBC, has experienced a significant drop in share prices over the past year, prompting the need for fresh funds.

Despite a 22% increase in share prices on Monday, the bank has still lost 55% of its value in 2023.

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