Metro Bank is slashing the price of its public offering amid turmoil in bank stocks

British challenger bank Metro Bank is cutting the size of its public offering of shares as turmoil grips the market.

According to a report in the Financial Times, the bank is now aiming to raise £400 million ($590 million) from its initial public offering, down from £500 million, cutting the price of its shares to £20 from £24.

2016 has been a volatile year for equity markets, particularly for bank shares.

Big lenders such as Deutche Bank and Credit Suisse got a hammering in the markets last week after posting weaker than expected earnings.

Metro Bank, set up in 2010 by American entrepreneur Vernon Hill, is smaller than other high street banks and is loss-making. The lender made a post-tax loss of £10.1 million in the fourth quarter last year, slightly less than the £10.7 million loss in the previous quarter.

It has assets of £6.15 billion, up 68% from a year earlier.

Hill is set to make millions from the offering. He owns 8% of the bank, according to the FT, which will be valued at around £1.6 billion when the shares are listed.

Hill is known for his attention to detail to the design of the high-street branches. He told Business Insider last year “We have an in-house team that go out and find sites and filter the ones that I should see. If they would show me 10, I might approve 4 out of those 10 and maybe 2 out of those 4 would actually get built.”

A spokeswoman for Metro Bank wasn’t immediately available for comment.

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