Britain's embattled Metro Bank dodges major shareholder rebellion
LONDON - Metro Bank escaped a potential investor challenge at its annual meeting on Tuesday, but there were sizeable votes against several of its most senior directors.
But despite this opposition, chairman and founder Vernon Hill has retained the support of a close-knit group of private shareholders in the United States. The bank’s loan book error had wiped more than 1.5 billion pounds off the company’s market value and forced it into an early 375 million pound fundraising.
In opening remarks at the meeting, Hill and Donaldson said the bank would adapt its strategy by slowing its growth and cutting more costs, but defended the bank’s business model.
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