Shares of Metro Bank plummet as reports indicate a pressing need for additional funding.

Metro Bank's shares have experienced a significant drop as reports emerged that the bank is seeking to raise millions of pounds to strengthen its finances. The bank's shares plummeted by 23% in early trading, following news in various newspapers that it requires £600 million in funding. Although Metro Bank did not comment on the specifics or urgency of the talks, it stated that it is considering how to optimize its capital resources. Established in the aftermath of the financial crisis, Metro Bank became the first UK bank to open in over a century. It positioned itself as a challenger to the established high street banks and has amassed around 2.7 million customers. However, its shares had already plummeted last month when regulators declined a request to decrease the capital requirements tied to its mortgage business. The bank is now exploring various options to strengthen its balance sheet before £350 million of debt needs to be refinanced in October next year. Ratings agency Fitch recently placed Metro Bank on negative watch due to concerns about its capital strength, funding, and business model.