Metro Bank’s share price leapt up six per cent today after the challenger completed a £278m capital raise and laid out its half-year results.
The lender said the “significantly oversubscribed” share placement “secures fresh capital which will allow the phenomenal momentum in Metro Bank’s growth to continue”.
Chief executive Craig Donaldson told City A.M. he was “genuinely over the moon” with the result of the capital raise and set out his plans for expansion in the coming months and years.
Metro Bank is planning to open between eight and 10 new stores this year, increasing the current total of 48. And the lender is planning on taking major steps away from its South East base next year, with stores due to open in Bristol and Birmingham.
Elsewhere, the bank is also planning to open its eighth central London store in Liverpool Street later this year.
Shares in the bank were up six per cent to 3,658p at the time of writing.