UK bank regulator still pressing for Metro plan by Monday, source says

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.