Metro Bank has agreed a deal to raise emergency funding on Sunday following speculation over its financial stability
Metro Bank’s founder has warned it faces a ‘limited future’ if it continues with its ‘flawed strategy’ of focusing on High Street branches.
The embattled lender agreed a deal with Colombian billionaire Jaime Gilinski Bacal to raise emergency funding on Sunday, following speculation over its financial stability.
Announcing the deal, it said it will continue to focus on its High Street sites, at a time when other banks have been axing their branch networks.
Co-founder Anthony Thompson, who was the bank’s chairman between 2010 and 2012, criticised the ‘flawed strategy’.
He said pursuing a branch-based strategy gave the bank a ‘very, very limited future’.
‘I would not like to be the chairman or the chief executive of Metro Bank today,’ Thompson told the BBC yesterday.
Metro Bank has 76 branches across the country as well as offering online and mobile banking services.
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