Jaime Gilinski Bacal, the principal shareholder of Metro Bank, is assessing the potential sale of his stake and received bids from investors, reported Reuters.  

Bacal controls a 52.87% interest through Spaldy Investments in the bank.  

In November 2023, the Colombian billionaire joined the board through a £925m rescue deal, which stabilised the bank, including £325m in equity from Gilinski and £600m in new debt. 

This follows the misclassification of commercial loans, causing a capital shortfall and triggering a £350m share issue, alongside scrutiny from UK regulators FCA and PRA in 2019.  

By 2023, a sharp share price drop, due to regulators rejecting a mortgage portfolio capital adjustment, forced emergency capital raising.  

Recent weeks have seen private equity firms Pollen Street Capital and BC Partners extend an offer for Metro Bank. 

 However, the bid was not successful, with disagreements over valuation and rejection by the bank’s board, the Reuter’s report said.  

The possibility of a merger with another financial entity is also being considered as a potential avenue for Gilinski to expand Metro Bank’s operations.  

Gilinski has previously indicated that there are opportunities for the bank’s growth. 

Representatives for Gilinski, as well as Metro Bank, BC Partners, and Pollen Street Capital, have declined to comment on the speculation. 

Earlier reports in 2023 suggested that Shawbrook had contemplated an offer for Metro Bank. 

A takeover by Pollen Street and BC Partners could have potentially set the stage for a combination between Metro Bank and Shawbrook, the latter being part of the private equity firms’ portfolio.  

Shawbrook has not provided any comments on the discussions. 

Initial reports of Pollen Street’s interest in Metro Bank were brought to light by Sky News.  

Reuters has since disclosed BC Partners’ involvement and the non-acceptance of the joint bid.