Colombian billionaire Jaime Gilinski Bacal has appointed himself to the board of Metro Bank
Colombian billionaire Jaime Gilinski Bacal has appointed himself to the board of Metro Bank after leading a rescue deal and winning control of the struggling UK lender.
He will join the board as a non-executive director and help oversee how the business is run.
The businessman took part in a rescue deal with the bank, which was in hot water over debts due to be refinanced and concerns over the strength of its finances.
The bank said it had secured funding worth £925million in October, which it said ‘proves there is a place’ in towns and cities for its branches,.
Through his firm Spaldy Investments, Gilinski Bacal plugged about £100million into the bank.
Spaldy previously owned about 9 per cent of Metro, and raised its stake to nearly 53 per cent.
As one of Latin America’s richest men, Gilinski Bacal is estimated to be worth about £4.2billion, and is primarily based in London.
He has long-term investments in global banking, and is well known for buying into struggling lenders and turning them around.
Metro chairman Robert Sharpe said Mr Gilinski Bacal ‘brings decades of banking expertise and experience, which will prove invaluable’.
Gilinski Bacal said: ‘There are many opportunities for Metro to grow, and I am looking forward to playing a part in the evolution of the bank as we build on the solid foundational work undertaken to date.’
Metro said last year it was cutting about a fifth of its workforce to save £50million a year, and is reviewing whether to stay open seven days a week.
This post first appeared on Dailymail.co.uk
