Metro Bank shares plummet as bank prepares fundraising drive

Stock falls by 30% during trading as high street lender seeks to raise 350m to shore up its balance sheet

• What is happening at Metro Bank and why is it in need of so much money?

Metro Bank shares have plunged by more than a quarter after news that the high street lender is seeking to raise hundreds of millions of pounds to shore up its balance sheet.

The bank - founded by the US billionaire Vernon Hill in 2010 - issued a market statement on Thursday, confirming that Metro was considering a range of options", which would remove barriers to further lending and growth.