May 21, 2019 / 10:49 AM / a month ago

Norges Bank buys into Britain's Metro Bank after cash call

FILE PHOTO: A logo is seen on the outside of a branch of Metro Bank in central London July 28, 2010. REUTERS/Toby Melville/File Photo

(Reuters) - Norway’s sovereign wealth fund bought a 3.10% stake in Metro Bank on Friday, a day after the British lender raised 375 million pounds ($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 pounds ($1.90 billion) after disclosing in January it had under-reported the risk of its loan book by nearly 1 billion pounds, 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.

Reporting by Noor Zainab Hussain in Bengaluru, Editing by Iain Withers

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