Colombian billionaire joins Metro Bank board after leading rescue deal
Jaime Gilinski Bacal has appointed himself as a non-executive director and will help oversee how the business is run.
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Your support makes all the difference.Colombian billionaire Jaime Gilinski Bacal has appointed himself to the board of Metro Bank after leading a rescue deal and winning control of the struggling UK lender.
Mr Gilinski Bacal will join the board as a non-executive director and will help oversee how the business is run.
The businessman took part in a rescue deal with the bank, which was in hot water over debts due to be refinanced and concerns over the strength of its finances.
Metro Bank said it had secured a funding package worth £925 million in October, which it said “proves there is a place” in towns and cities for its branches, which it calls “stores”.
Through his firm Spaldy Investments, Mr Gilinksi Bacal plugged about £100 million into the bank as part of a capital fundraise.
Jaime brings decades of banking expertise and experience, which will prove invaluable on the next stage of the bank's journey
Spaldy Investments previously owned about 9% of the bank, but its stake rose to nearly 53% following the deal, meaning the businessman became a controlling shareholder.
As one of Latin America’s richest men, he is estimated to be worth about 5.4 billion US dollars (£4.2 billion), and is primarily based in London.
He has long-term investments in the banking sector including in Latin America, Spain and the UK, and is well known for his strategy of buying into struggling lenders and turning them around.
Metro Bank chairman Robert Sharpe said Mr Gilinski Bacal “brings decades of banking expertise and experience, which will prove invaluable in the next stage of the bank’s journey”.
“Jaime’s appointment underscores the commitment he has long shown to the bank as a supportive, long-term shareholder,” he said.
There are many opportunities for Metro Bank to grow, and I am looking forward to playing a part in the evolution of the bank as we build on the solid foundational work undertaken to date
Mr Gilinski Bacal said: “There are many opportunities for Metro Bank to grow, and I am looking forward to playing a part in the evolution of the bank as we build on the solid foundational work undertaken to date.
“A customer-centric physical presence complemented by digital capabilities remains a unique offering and sets Metro Bank apart.”
Metro Bank revealed in November that it was cutting about a fifth of its workforce as part of plans to save around £50 million a year.
The bank, which has stood by its community-based model, also said it was reviewing whether to stay open seven days a week as it considered ways to be more “cost-efficient” while retaining its high street presence.
It is currently open from 8.30am until 5pm Monday to Saturday and 11am to 5pm on Sunday.