MBNKF - U.K. regulator fines Metro Bank $7.17M after misreporting capital position

The U.K. Prudential Regulation Authority fines Metro Bank (OTCPK:MBNKF) for £5.37M ($7.17M) after the regional bank misreported its capital position, according to a release. The bank failed to take sufficient care, ensure effective oversight and establish and implement effective controls, the release says. "Metro Bank failed to meet the standards of governance and controls expected of it," said PRA CEO Sam Woods. Metro Bank (OTCPK:MBNKF) agrees to resolve this matter, and therefore qualifies for a 30% reduction in the fine imposed by the agency. Meanwhile, shares of MBNKF rise 4% intra-day, though down more than 35% Y/Y.

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U.K. regulator fines Metro Bank $7.17M after misreporting capital position