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Free AccessMetro CFO Departure; Looks Idiosyncratic
Metro Bank (MTRO LN) has announced unscheduled CFO departure, OakNorth Bank's (1341508D LN) CFO, Cristina Alba Ochoa, is moving across, as of Monday 15-Jan as interim CFO until a permanent replacement can be found.
- Metro has seen its fair share of issues over recent years, an error in mortgage risk-weighting assumptions driving a rescue rights issue, a share price down over 97% over the last 5yrs and questions about a business model focussed on (high cost) branches, just as the rest of the industry is going the other way.
- MTRO only has one liquid instrument ZG356368 Corp (rated NR/NR/B[P]) so a very minor credit name (OakNorth has nothing liquid) so this appears an idiosyncratic situation, not reflective of anything like a credit issue across the wider sector.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.