Metro Bank PLC is a retail and commercial bank operating in the United Kingdom, founded by Anthony Thomson and Vernon Hill in 2010.[2] At its launch it was the first new high street bank to launch in the United Kingdom in over 150 years. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
After a period of rapid growth, Metro Bank hit difficulties in early 2019 when it announced it had insufficient capital to meet regulatory requirements, following the discovery of an error in the way it categorised its commercial loans for capital adequacy purposes. As a result, it had to raise an additional £350m of capital. Concerns over the announcement and the bank's ability to raise the capital resulted in the bank's share price falling by 75% in less than four months, and large depositors withdrawing cash, because of "adverse sentiment".
History
Metro Bank was founded by Anthony Thomson and Vernon Hill[2] and granted its licence by the Financial Services Authority on 5 March 2010, the first high-street bank to be granted such a licence for over 150 years.