Metro Bank has rejected takeover approaches from Shawbrook as recently as last month, ahead of news the lender is weighing several options to shore up its balance sheet.

Retail bank Shawbrook tabled several bid proposals to Metro Bank, including one in the second half of September, according to Sky News, citing people familiar with the matter. Metro Bank rejected those offers whose values aren’t known, Sky reported. It’s also unclear if discussions between the two banks are ongoing, it added.

The UK lender is meeting with shareholders on Saturday to discuss funding options. It is aiming to agree a deal before trading opens in London on Monday morning, according to Sky.

A £600m capital injection offer from bondholders earlier this week is reportedly seen by Metro Bank as handing over too much control. Equity holders are being consulted.

A Metro Bank spokeswoman declined to comment when contacted by Bloomberg. A spokesperson for Shawbrook wasn’t immediately available.

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