Metro Bank, a UK-based lender, is still working with the Prudential Regulation Authority (PRA) to develop a plan to strengthen its balance sheet or find a buyer. The PRA has reportedly reached out to major UK banks, including Lloyds and HSBC, to consider making an offer for Metro Bank. Shawbrook is also considering a potential bid for the bank after failed attempts earlier in the year. JPMorgan is rumored to have considered a bid before deciding against it, while Santander is said to have engaged an advisory firm to explore a potential offer. Metro Bank has been exploring options to raise up to £600 million of capital through equity and debt injections and asset sales. The bank insists that it is meeting its minimum capital requirements and has not made a decision on its fundraising plans. Nevertheless, concerns about the bank’s financial health have caused its shares to plummet. The PRA is keen to prevent these concerns from spreading.
UK bank regulator still pressing for Metro plan by Monday, source says