Metro Bank fined nearly £17m for failure to monitor potential money laundering

Posted on November 12, 2024 by Admin

Problems were raised by junior staff three years before they were completely resolved, says FCA

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Metro Bank has been fined nearly £17m by the UK’s financial watchdog for failings in its money-laundering controls over four years, in a fresh blow to the lender a year on from its near-collapse.

In a surprise announcement that also triggered the early release of Metro’s third-quarter results on Tuesday morning, the Financial Conduct Authority (FCA) said it had found shortfalls in the bank’s financial crime checks between 2016 and 2020.

NatWest takes £24m hit from abandoned ‘Tell Sid’-style campaign

Posted on July 26, 2024 by Admin

Bank left with costs from Sir Trevor McDonald-fronted campaign after early election halted rollout

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NatWest was forced to spend £24m on the former Conservative government’s aborted “Tell Sid”-style campaign featuring Sir Trevor McDonald, which would have resulted in a chunk of the bank’s state-owned shares being sold to the general public in a highly anticipated privatisation drive.

The price tag emerged when the bank released its second-quarter results and announced it was snapping up a number of mortgages from the smaller rival Metro Bank for £2.4bn.

Bank of England sounds out buyers for Metro Bank including NatWest

Posted on October 8, 2023 by Admin

JP Morgan also approached as Metro reportedly tries to thrash out rescue package with investors

The Bank of England’s regulatory arm is understood to have approached a number of big lenders in the past few days, including NatWest and JP Morgan Chase, to see if they had any interest in the embattled high street rival Metro Bank.

JP Morgan Chase examined a potential bid to take over the whole of Metro after speaking to the Prudential Regulation Authority (PRA) but decided on Saturday night not to go ahead with it, a source said.

Metro Bank shares rebound amid reports of £600m capital offer

Posted on October 6, 2023 by Admin

Lender’s stock hit all-time low after news it was exploring selling off up to 40% of mortgage book

Metro Bank shares rebounded from all-time lows on Friday, amid reports that the embattled lender was sitting on a £600m offer from bondholders that could cover its looming funding pressures.

Regulators have been keeping a close eye on developments at the high street lender, which needs fresh investor funding, and is exploring selling off up to 40% of its mortgage book, in order to shore up its balance sheet and ensure it can continue to grow.