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Metro CFO Departure; Looks Idiosyncratic

FINANCIALS SECTOR

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.


  1. 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.
  2. 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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