Metro Bank is in talks to sell a portfolio of loans in the British lender's...
) is in talks to sell a portfolio of loans in the British lender’s latest attempt to strengthen its finances after an accounting error hammered its shares.
The major loan book error in January left a hole in Metro’s balance sheet and wiped more than 1.5 billion pounds off its market value.on Sunday that Metro was readying a 500 million pounds deal to offload a mortgage portfolio back to U.S hedge fund Cerberus Capital Management. In February 2018, Metro agreed to buy mortgage debt from several Cerberus-linked companies for 523 million pounds, after buying a mortgage portfolio from the U.S. firm in June 2017 for 596.7 million pounds.
John Cronin, financials analyst at broker Goodbody, said selling loan assets made sense but was cautious about the impact on future profitability.
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