Metro Bank Shares Post Record Gain as Lender Boosts Capital
- Trading volumes also hit all-time high for London-listed stock
- Bank plans to sever commercial ties with wife of co-founder
An employee serves a customer inside a branch of Metro Bank Plc in London, U.K.
Photographer: Simon Dawson/Bloomberg
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Metro Bank Plc shares jumped the most since listing after the British lender sold 375 million pounds ($479 million) of new stock to repair its finances, a step that was welcomed by the Bank of England.
The stock surged more than 26% to close at 677 pence as trading volumes hit their highest on record. The bank, founded by U.S. entrepreneur Vernon Hill, priced new stock at 500 pence on Thursday -- less than a third of the market price before it announced it was raising money.