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Wednesday 24 January 2024 7:30 am
Jaime Gilinski Bacal, the Colombian billionaire who led a major refinancing package for struggling Metro Bank, has appointed himself to its board as a non-executive director.
As part of the deal struck between the lender and the banking tycoon last year, Bacal and his firm, Spaldy Investments, are entitled to appoint up to three directors to the board.
Metro Bank said Bacal’s appointment would be effective “once the necessary formalities are completed”.
Bacal, one of the wealthiest people in Latin America, took a majority 52.88 per cent stake in the bank as part of a £925m refinancing package announced in October and overwhelmingly approved by shareholders in November.
Jaime Gilinski Bacal (Author Fotografía oficial de la Presidencia de Colombia – Alexa Rochi. Source: https://www.flickr.com/photos/197399771@N06/53460051199/ / (CC0 1.0 DEED)
He has a reputation for turning around struggling banks and selling them for profit, such as when he bought the Colombian assets of the Bank of Credit and Commerce International after it collapsed in 1991 and sold them for four times more a few years later.
“There are many opportunities for Metro Bank to grow and I am looking forward to playing a part in the evolution of the bank as we build on the solid foundational work undertaken to date,” Bacal said on Wednesday.
“A customer-centric physical presence complemented by digital capabilities remains a unique offering and sets Metro Bank apart.”
As part of its restructuring, the bank is set to cut staff by 20 per cent and reduce opening hours at the branches it has built its name on.
Analysts have warned that its commitment to branches, which are costly and run against the prevailing shift to online banking, could hold back the lender’s transformation.
Robert Sharpe, chair of Metro Bank, commented: “Jaime’s appointment underscores the commitment he has long shown to the bank as a supportive, long-term shareholder. He brings decades of banking expertise and experience which will prove invaluable on the next stage of the bank’s journey.”
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