Billionaire banker Jaime Gilinski Bacal joins Metro Bank's board

Metro Bank has appointed Colombian billionaire banker and real estate developer Jaime Gilinski Bacal to its board after his firm became a controlling shareholder in the bank last year.

Spaldy Investments invested £102m in Metro Bank last October as part of its £325m capital raise in a deal that took Bacal's shareholding from 9.2% to 52.9%.

Bacal and Spaldy, who have had long-term investments in banking sectors across Latin America, Spain and the UK, are entitled to appoint up to three directors in total to the board.

Bacal, who will join the company as a non-executive director, said he was "looking forward to playing a part in the evolution of the bank as we build on the solid foundational work undertaken to date".

"A customer-centric physical presence complemented by digital capabilities remains a unique offering and sets Metro Bank apart," he said.

Board chair Robert Sharpe said: "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."

The stock was up 2.9% at 37.3p by 1315 GMT.