Metro Bank shares plunge on reports of urgent fund raising

Metro Bank's shares have plunged after reports it is urgently seeking to raise millions to bolster its finances.

The bank's shares sank 23% in early trading, after several newspapers reported it needed to raise £600m.

Metro Bank refused to comment on the figure and the urgency of the talks but said it "continues to consider how best to optimise its capital resources".

The bank started in the wake of the financial crisis and was the first to open in the UK in more than 100 years.

It positioned itself as a so-called challenger bank to the big High Street names, and now has about 2.7 million customers.

But its shares had already suffered hefty falls last month after regulators refused to approve a request to lower the capital, or cash, requirements attached to its mortgage business.