Shares in Metro Bank Holdings PLC (LSE:MTRO) started the week almost 30% higher after news broke that the challenger bank has secured a much-needed funding package.
Split between new equity from shareholders and fresh debt from bondholders, Metro announced it raised £325 million through the deal.
Metro has also agreed to refinance some £600 million worth of debt, after reports emerged last week that the bank was in search of rescue funds to shore up its balance sheet.
“Today's announcement marks a new chapter for Metro Bank, facilitating the delivery of continued profitable growth over the coming years,” chief executive Dan Frumkin said.
Shares climbed by 27% to 57.50p in early trading.