Top shareholder Jaime Gilinski Bacal appointed to Metro Bank board
- Jaime Gilinski Bacal will turn into a non-executive director of Metro Bank
- In October, Gilinski turn into Metro Bank’s controlling shareholder
- Metro Bank shares have sunk over 70% within the final yr, however rose on Wednesday
![Appointment: Billionaire Jaime Gilinski Bacal has been appointed as a non-executive director at Metro Bank](https://i.dailymail.co.uk/1s/2024/01/24/11/80403123-13000395-image-m-20_1706094675889.jpg)
Appointment: Billionaire Jaime Gilinski Bacal has been appointed as a non-executive director at Metro Bank
Metro Bank shares rose on Wednesday after billionaire investor and turnaround specialist Jaime Gilinski Bacal was appointed as a non-executive director on the financial institution.
Colombian Gilinski turn into Metro Bank’s controlling shareholder in October, rising his stake within the lender from 9 to 52.88 per cent, having invested £102million into the group.
Amid intense hypothesis over its monetary place, Metro Bank struck a deal to spice up its coffers and safe its future. Over 90 per cent of the financial institution’s buyers voted to approve the bundle at a gathering in November.
In October, Metro Bank mentioned it had raised £325million in recent funding, and refinanced £600million price of debt.
After revealing Gilinski’s appointment as a non-executive director on Wednesday, the lender’s share worth jumped by 3.39 per cent or 1.23p to 37.43p, having plummeted over 70 per cent within the final yr.
Gilinski’s appointment will turn into efficient ‘as soon as the mandatory formalities are accomplished’, Metro Bank mentioned.
Gilinski has a 52.88 per cent shareholding in Metro Bank by way of his Spaldy Investments Limited car. Spaldy Investments and Gilinski are entitled to nominate as much as three administrators to the financial institution’s board of administrators, Metro Bank mentioned.
Gilinski mentioned: ‘There are many alternatives for Metro Bank to develop and I’m wanting ahead to enjoying an element within the evolution of the financial institution as we construct on the strong foundational work undertaken thus far.
‘A customer-centric bodily presence complemented by digital capabilities stays a novel providing and units Metro Bank aside.’
![Share slump: Metro Bank shares have fallen over 70% in the last year](https://i.dailymail.co.uk/1s/2024/01/24/11/80401583-13000395-image-a-16_1706094478474.jpg)
Share droop: Metro Bank shares have fallen over 70% within the final yr
Robert Sharpe, chair of Metro Bank, mentioned: ‘Jaime’s appointment underscores the dedication he has lengthy proven to the financial institution as a supportive, long-term shareholder.
‘He brings a long time of banking experience and expertise which can show invaluable on the subsequent stage of the financial institution’s journey.’
Gilinski’s different investments embody controlling pursuits in Banco GNB Sudameris, Banco GNB Peru, Banco GNB Paraguay and Lulo Bank, and ‘important shareholdings’ in Grupo Sura S.A. and Grupo Nutresa S.A.
Gilinksi relies in London and constructed his estimated £4.2billion fortune by way of banking and property.
He beforehand snapped up the Colombian property of the Bank of Credit and Commerce International after it collapsed in 1991 and offered them for 4 instances extra a couple of years later.
While many banks have been shutting branches and shifting to on-line banking, Metro Bank continues to focus closely on bricks and mortar.
In October, Metro Bank’s chief government, Dan Frumkin, vowed to guard the group’s department community, whereas launching a multi-million pound cost-cutting drive.
At the time, the financial institution mentioned it deliberate to open extra branches. Frumkin mentioned the financial institution would plough forward with plans to open 11 new branches within the subsequent two years.
When the lender first opened in 2010 it positioned itself as a challenger financial institution and vowed to revitalise UK excessive streets with financial institution branches open seven days per week.
In November, Metro Bank introduced sweeping cost-cutting plans, which may see it axe 20 per cent of its 4,000-strong workforce and doubtlessly scale back buyer perks together with seven-day opening hours. Over 800 jobs have been anticipated to be misplaced by March.