Norges Bank buys into UK’s Metro Bank

OSLO: Norway’s sovereign wealth fund bought a 3.10 per cent stake in Metro Bank on Friday, a day after the British lender raised £375 million ($476.10 million) to shore up its balance sheet, a filing showed.
The nine-year-old challenger bank saw its market value fall by more than £1.5 billion ($1.90 billion) after disclosing in January it had under-reported the risk of its loan book by nearly £1 billion, hitting its capital levels.
Metro Bank’s management remains under pressure and Chairman Vernon Hill and some of his board are facing growing calls to resign ahead of the bank’s annual shareholder meeting on Tuesday. — Reuters