Source - SMW
Metro Bank said it had raised £375m from a discounted placing of its shares, exceeding its £350m target.

New shares in the challenger bank were issued at 500p each.

'I am really pleased with the support we have received from both existing and new shareholders, and for their confidence and belief in Metro Bank's strategy,' chairman Vernon Hill said.

'Although we've faced challenges in the past few months, we remain fully focused on providing the outstanding service and convenience that our customers expect of us.'

'This growth capital will enable us to continue to expand the business and implement our strategic initiatives.'