Latest news with #SpaldyInvestments
Yahoo
11 hours ago
- Business
- Yahoo
Metro Bank shares soar as investors welcome possible takeover approach
Shares in Metro Bank (MTRO.L) have jumped by more than a 10th as investors welcome reports that the high street lender had attracted a takeover approach from a possible buyer. The London-listed bank was approached by investment firm Pollen Street Capital about potentially taking it private, Sky News first reported over the weekend. The discussions are said to be in the early stages and there can be no certainty of any deal. This would mark a turning point for the lender which secured a multimillion-pound rescue deal in 2023 and returned to profitability last year. Shortly after markets opened on Monday, Metro shares were soaring by about 13%. Metro Bank declined to comment on the takeover reports. The bank has emerged from a tumultuous period where it suffered sharp drops in its share price, before receiving a funding package worth £925 million to help secure its future on Britain's high streets. Colombian billionaire Jaime Gilinski Bacal became a majority shareholder in the group after contributing through his firm Spaldy Investments. The lender has made heavy cuts to its cost base, including reducing its workforce by about 30%. It now has about 3,000 employees nationwide. It also scrapped its seven-day-a-week opening hours across its branches – once a central feature of the banking group – which, in 2010, was the first high street bank to launch in the UK in more than 100 years. Metro runs 75 stores in the UK and is opening new branches in Chester and Gateshead in the summer.
The Independent
11 hours ago
- Business
- The Independent
Investors welcome rumour of Metro Bank takeover
Shares in Metro Bank have jumped by more than a 10th as investors welcome reports that the high street lender had attracted a takeover approach from a possible buyer. The London-listed bank was approached by investment firm Pollen Street Capital about potentially taking it private, Sky News first reported over the weekend. The discussions are said to be in the early stages and there can be no certainty of any deal. This would mark a turning point for the lender which secured a multimillion-pound rescue deal in 2023 and returned to profitability last year. Shortly after markets opened on Monday, Metro shares were soaring by about 13%. Metro Bank declined to comment on the takeover reports. The bank has emerged from a tumultuous period where it suffered sharp drops in its share price, before receiving a funding package worth £925 million to help secure its future on Britain's high streets. Colombian billionaire Jaime Gilinski Bacal became a majority shareholder in the group after contributing through his firm Spaldy Investments. The lender has made heavy cuts to its cost base, including reducing its workforce by about 30%. It now has about 3,000 employees nationwide. It also scrapped its seven-day-a-week opening hours across its branches – once a central feature of the banking group – which, in 2010, was the first high street bank to launch in the UK in more than 100 years. Metro runs 75 stores in the UK and is opening new branches in Chester and Gateshead in the summer.
The Independent
11 hours ago
- Business
- The Independent
Metro Bank shares soar as investors welcome possible takeover approach
Shares in Metro Bank have jumped by more than a 10th as investors welcome reports that the high street lender had attracted a takeover approach from a possible buyer. The London-listed bank was approached by investment firm Pollen Street Capital about potentially taking it private, Sky News first reported over the weekend. The discussions are said to be in the early stages and there can be no certainty of any deal. This would mark a turning point for the lender which secured a multimillion-pound rescue deal in 2023 and returned to profitability last year. Shortly after markets opened on Monday, Metro shares were soaring by about 13%. Metro Bank declined to comment on the takeover reports. The bank has emerged from a tumultuous period where it suffered sharp drops in its share price, before receiving a funding package worth £925 million to help secure its future on Britain's high streets. Colombian billionaire Jaime Gilinski Bacal became a majority shareholder in the group after contributing through his firm Spaldy Investments. The lender has made heavy cuts to its cost base, including reducing its workforce by about 30%. It now has about 3,000 employees nationwide. It also scrapped its seven-day-a-week opening hours across its branches – once a central feature of the banking group – which, in 2010, was the first high street bank to launch in the UK in more than 100 years. Metro runs 75 stores in the UK and is opening new branches in Chester and Gateshead in the summer.
Yahoo
12 hours ago
- Business
- Yahoo
Metro Bank shares soar as investors welcome possible takeover approach
Shares in Metro Bank have jumped by more than a 10th as investors welcome reports that the high street lender had attracted a takeover approach from a possible buyer. The London-listed bank was approached by investment firm Pollen Street Capital about potentially taking it private, Sky News first reported over the weekend. The discussions are said to be in the early stages and there can be no certainty of any deal. This would mark a turning point for the lender which secured a multimillion-pound rescue deal in 2023 and returned to profitability last year. Shortly after markets opened on Monday, Metro shares were soaring by about 13%. Metro Bank declined to comment on the takeover reports. The bank has emerged from a tumultuous period where it suffered sharp drops in its share price, before receiving a funding package worth £925 million to help secure its future on Britain's high streets. Colombian billionaire Jaime Gilinski Bacal became a majority shareholder in the group after contributing through his firm Spaldy Investments. The lender has made heavy cuts to its cost base, including reducing its workforce by about 30%. It now has about 3,000 employees nationwide. It also scrapped its seven-day-a-week opening hours across its branches – once a central feature of the banking group – which, in 2010, was the first high street bank to launch in the UK in more than 100 years. Metro runs 75 stores in the UK and is opening new branches in Chester and Gateshead in the summer. Effettua l'accesso per consultare il tuo portafoglio
Yahoo
27-02-2025
- Business
- Yahoo
Metro Bank returns to profitability after cutting 30% of workforce
Metro Bank has returned to profitability after overhauling its costs by slashing the number of staff and selling a portion of its mortgage book. The lender, which secured a multimillion-pound rescue deal in 2023, said it had been a 'pivotal' year. Over the financial year, it made £80 million of annualised cost savings – primarily from reducing head count by more than 30%, from around 4,460 to 2,970. Metro Bank had originally said it would be cutting around a fifth of its workforce, but made additional reductions after raising its cost-saving target. The bank said it made an underlying pre-tax profit of £12.8 million for the six months to the end of December – a return to profitability after a £26.8 million loss the year before. The underlying figure strips out what it views as one-off costs from things such as the sale of assets and refinancing. On a statutory basis, it made a pre-tax loss of £212 million for 2024. Metro Bank secured a funding package worth £925 million in 2023, helping secure its future on British high streets. Colombian billionaire Jaime Gilinski Bacal became a majority shareholder in the group after contributing through his firm Spaldy Investments. The bank sold a portion of its residential mortgages, worth £2.5 billion, to NatWest last year, as part of efforts to move towards specialist mortgages and business lending. On Wednesday, it said it had agreed the sale of a £584 million portfolio of personal loans to an undisclosed buyer. Metro Bank said there had been some deterioration in lending balances due to borrowers being impacted by 'the macroeconomic environment including lower house prices, increased cost of living and higher interest rates'. The overall level of loans in arrears increased to 5.6% at the end of 2024, up from 2.8% in 2023. Daniel Frumkin, Metro Bank's chief executive, said: 'It has been a transformational year for Metro Bank as we made substantial progress against our strategy, ending the period ahead of guidance, profitable, and with strong momentum going forward. 'We have successfully continued our pivot towards higher margin business in the form of corporate, commercial and SME lending and specialist mortgages, while also taking significant steps to reduce our costs and optimising our funding model.'
