Metro Bank gets BoE support after cash call

LONDON, May 17 (Reuters) - The Bank of England said on Friday it welcomed the steps taken by Metro Bank after the lender raised 375 million pounds ($479.51 million)in a discounted funding round late on Thursday.

The Prudential Regulation Authority said the bank was “profitable and continues to have adequate capital and liquidity to serve its current customer base”, in a statement.

The nine-year-old challenger bank was forced to boost its capital levels after it admitted in January that it had underreported the risk of its loan book by nearly 1 billion pounds.

Metro raised more than the 350 million pounds it had planned to raise, due to the placing being oversubscribed it said. (Reporting by Simon Jessop; editing by Rachel Armstrong)