Metro Bank tells customers their cash is safe after false social media rumours cause queues at branches

Published by Stephen Little on 13 May 2019.
Last updated on 13 May 2019

Metro Bank has reassured customers that their money is safe after false rumours on social media at the weekend suggested the bank was experiencing financial problems.

Header image source: @pat_gdretail, Twitter.com

It also issued a statement saying that plans to raise £350 million from investors was “well advanced.”

Some branches in West London experienced an increase in customers at the weekend after reports on WhatsApp advised people to withdraw their money and empty safety deposit boxes.

Source: @pat_gdretail, Twitter.com

A Metro Bank spokesperson says: “We’re aware there were increased queries in some stores about safe deposit boxes following false rumours about Metro Bank on social media and messaging apps.

"There is no truth to these rumours and we want to reassure our customers that there is no reason to be concerned.

“We're a profitable bank, rated number one for personal current account service by the CMA and committed to serving our 1.7 million customer accounts.”

Photographs on social media showed long queues in the bank, echoing the behaviour of Northern Rock customers withdrawing their money when the bank went under a decade ago.

Source: @DylanShah, Twitter.com 

The bank says that customers have been reassured. It adds that it does not take ownership of customer items held in safe deposit boxes, which means that the contents remain customer property.

Source: @MetroBank_Help, Twitter.com

The bank is expected to announce the details of its equity funding from shareholders and new investors this week.

It says that plans to raise £350 million of equity capital to support its growth were well advanced and had begun “final discussions with existing shareholders and new investors”.

The news comes after quarterly profits for the bank dropped by half, falling from £8.6 million to £4.3 million year-on-year. In January, an accounting error wiped more than £1.5 billion off its market value.

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