Newspaper article International New York Times

British Bank's Stock Up in London Debut

Newspaper article International New York Times

British Bank's Stock Up in London Debut

Article excerpt

It said it raised $569 million in a private sale of securities before going public.

Shares of Metro Bank, the money-losing British lender started in 2010 by the American financier Vernon W. Hill II, rose 4 percent Monday morning in the company's debut on the London Stock Exchange.

The lender said on Friday that it had raised 400 million pounds, or about $569 million, in a private sale of securities before going public.

Metro Bank sold shares to new and existing shareholders at Pounds 20 each, giving it a value of about Pounds 1.6 billion.

Shortly after its debut on Monday, the company's shares rose 4 percent to Pounds 20.80 in conditional trading, after having gained as much as 9 percent.

Unrestricted trading of the company's stock is expected to begin on Thursday. …

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