Colombian billionaire Jaime Gilinski Bacal will become a nonexecutive director of Metro Bank Holdings, the U.K. lender, according to an announcement on Wednesday.
Gilinski played a pivotal role in securing the bank’s £925 million ($1.17 billion) funding package deal in October, which aimed to bolster its balance sheet following a series of financial setbacks.
Spaldy Investments, Gilinski’s British Virgin Islands-based firm, contributed £102 million to the funding package, giving it a controlling stake of 52.88% in Metro Bank and the right to appoint up to three directors to the board.
With this new appointment, Gilinski expressed his excitement about the potential for Metro Bank’s growth. He believes that the bank’s unique offering of a customer-centric physical presence, combined with digital capabilities, sets it apart from the competition.
Metro Bank, a challenger bank that opened its first retail branch in the U.K. in 2010, focused on establishing a strong high street presence while many other lenders transitioned to online banking. However, in light of recent challenges, the bank began implementing cost-cutting measures in November. This included a review of store hours and staff reductions of around 20%.
Despite a decline in share value over the past year, Metro Bank shares saw a 3.2% increase to 37.35 pence at 1115 GMT.
