Metro Bank’s chairman Vernon Hill
Capital U-turns, drastically downgraded profitability targets, questions about related-party dealings: this is not how the bank with the strongest valuation in Europe should be run.
UK challenger Metro Bank has, however, had to turn back to its shareholders for another £300 million in equity in an overnight placement – despite having insisted it would not earlier this year, when analysts’ concerns about a possible capital shortfall triggered a sell-off.
Metro’s targets are now “a laughing stock”, commented research from Goodbody, as it downgraded its 2020 ROE target to 11.5%
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