Monday 2 March 2020 4:53 pm

Goldman Sachs builds up 8.5 per cent voting rights in Metro Bank

Goldman Sachs has built up 8.48 per cent voting rights in troubled British lender Metro Bank, according to regulatory filings. 

Metro Bank’s share price has collapsed almost 90 per cent since early 2019, when it disclosed an almost £1bn accounting error. 

Read more: Metro Bank to revoke private jet access for new chair after year of turmoil

The challenger bank plunged to a £131m loss last year following the scandal, which also claimed the scalps of its chief executive and chairman, and has been widely touted as a possible takeover target. 

Goldman has built up 6.18 per cent in Metro Bank voting rights attached to shares, and a further 2.30 per cent through financial instruments, leaving it with a total of 8.48 per cent, according to Metro’s regulatory filings. 

It is not known when Goldman first acquired a stake in Metro. The US investment banking giant has been making moves into the retail banking sector recently, including through its online retail bank Marcus.

Speaking to reporters following Metro Bank’s annual results last week, newly-appointed chief executive Dan Frumkin refused to say whether the lender had been approached by potential buyers. 

Read more: Metro Bank shares plumb new depths after challenger bank swings to £131m loss

“There is nobody actively marketing the place for sale,” he said. 

Shares in the challenger bank closed 0.72 per cent down. Goldman Sachs declined to comment. Metro Bank has been contacted for comment.