Metro Bank investors on Monday agreed to back a £925 million rescue package for the bank, handing majority control of the company to Colombian billionaire Jaime Gilinski in the process.

The package, which includes a £325 million capital raise and £600 million debt refinancing, was initially struck in October. This deal already had bondholder support, and was approved by 90 per cent of shareholders in a vote on Monday.

Gillinski, one of the richest men in South America, will become a controlling shareholder with a stake of 53 per cent via his Spaldy Investments vehicle.

While the deal does negatively impact backers, the bank’s shares were up by almost 7 per cent in trading on Monday as a result of the news.

In a statement, Metro said that the shareholder vote showed support for its business model. The bank also said that it intends to open new branches in the north of England over the next two years.

While it has become a fixture on the high street at a time when major banks are closing down branches, Metro was forced to reevaluate its finances as a result of setbacks including accounting errors and delayed regulatory approval for capital relief plans.

Elsewhere, Sky News has reported that Barclays was in exclusive talks to buy a £3 billion mortgage book from Metro. Metro, which had previously said that it was exploring a sale of mortgage assets, has not commented on the report.

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