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FCA Questions Metro Bank Managers On Misreporting Scandal

PYMNTS

Metro Bank senior managers are being grilled by the U.K. The FCA first began investigating the high street bank in February after it miscalculated the capital needed for numerous loans. Six months later, the financial regulator said the probe was widened to involve “certain senior members of management.”

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RBS Fund Takes Back £50M From Metro Bank

PYMNTS

After Metro Bank recently pulled back from plans to expand and decided to move away from lending for mortgages, the bank said it will return £50 million from the RBS bailout fund, according to a report. The company’s plans were thwarted when it was revealed that it was miscategorizing a number of loans when figuring out capital requirements.

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Metro Fails To Attract Investors To Bond Issue

PYMNTS

Metro Bank in the U.K. in London, and the financial institutions managing the deal even tried to reduce it to between 200 and 250 million pounds. Metro Bank PLC thanks the broad number of investors who have met with the company and shown interest in their potential inaugural MREL issuance,” the bank said.

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Metro Bank UK: 2023’s Next Bank Collapse? | Samsung’s Trackable Card Unveiled | UBS Tests Tokenized Fund on Public Blockchain

Bussman Advisory

This week’s must-know stories: Metro Bank’s Financial Struggles: Will Metro Bank in the UK be 2023’s next banking collapse? UK’s Metro Bank shares plummeted by 31% following reports of its urgent need to raise funds to stabilize its finances. The post Metro Bank UK: 2023’s Next Bank Collapse?

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Metro’s Accounting Errors Cost Bank Top Clients

PYMNTS

Some of Metro Bank’s largest customers left the institution following revelations of accounting mistakes, according to Wednesday (May 1) reports in the Financial Times. “There has to be a new chief executive,” said one unnamed fund manager in an interview with the news outlet in January.

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Car Talk: Shift Announces Plans To Go Public

PYMNTS

IAC will change its name to Shift as the transaction proceeds and the Shift management team of CEO and Co-Founder George Arison and Co-CEO Toby Russell will stay in place. “We Arison said the move was about adding capital to scale the company. Securing that capital is even more complicated than the IAC merger.

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Payhawk Raises $3.35M For Virtual Corporate Cards

PYMNTS

Payhawk aims to eliminate the divide between corporate cards and expense management, working on top of existing banks. Because of that, Borisov said he wanted to capitalize on paperless, digital trends. In Paris, riders have the option of buying reusable, contactless cards to access the metro.

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