Is Metro Bank closing down in the UK?
Metro Bank is not closing down, but it faced a significant financial crisis in 2023 that required emergency recapitalisation. The bank completed a £925 million refinancing deal in October 2023, which included investment from Colombian billionaire Jaime Gilinski Bacal becoming the majority shareholder. Metro Bank continues to operate its branch network and digital banking services, though it has reduced its headcount and rationalised some operations.
What happened to Metro Bank in 2023?
Metro Bank’s crisis stemmed from concerns about a £600 million hole in its capital requirements, disclosed in early 2023 following an accounting error identified in 2019. This damaged market confidence and led to a significant fall in its share price. After months of uncertainty, a £325 million equity raise and £600 million debt refinancing package was agreed with shareholders and bondholders in October 2023, stabilising the bank.
Is Metro Bank safe to bank with after its refinancing?
Metro Bank remains an FCA and PRA-regulated UK bank with FSCS deposit protection up to £85,000. Following its 2023 refinancing, it is under close regulatory scrutiny but is operational and continuing to serve retail and business customers. Analysts have noted that the refinancing provided short-term stability, though Metro Bank’s long-term business model continues to face competitive pressure from digital banks and larger incumbents.
Open Banking in Practice: Metro Bank was the UK’s first high-street bank to open in over 100 years when it launched in 2010. It is known for its long opening hours, pet-friendly branches, and customer service focus. Metro Bank supports open banking and provides API access for FCA-authorised third parties. Read our full coverage of Metro Bank’s 2023 crisis and recovery on openfuture.world.
FAQ
Who is Metro Bank owned by?
Following the 2023 refinancing, Colombian businessman Jaime Gilinski Bacal became Metro Bank’s majority shareholder through his investment vehicle Spaldy Investments.
Is Metro Bank a commercial bank?
Metro Bank is a retail and commercial bank regulated by the FCA and PRA, offering products to both personal and business customers.
Does Metro Bank support open banking?
Yes — Metro Bank provides open banking API access for FCA-authorised third-party providers, consistent with UK open banking regulations.