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. His daughter, Dorita, has already been appointed.

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.

(c) 2024 City A.M., source Newspaper