Jaime Gilinski Bacal, a Colombian banking and real estate entrepreneur, has taken control of Metro Bank as part of a bigger rescue deal to fill a hole in the UK lender’s finances.

It raised £325 million ($396 million) from investors on Sunday, split between £150 million ($183 million) of equity and £175 million ($213 million) of debt.

Currently, Gilinski Bacal’s Spaldy Investments holds 9% of the company, but will contribute £102 million ($124 million) to the new equity round.

The Metro Bank opened in 2010 as the first challenger to Britain’s major banks – including Lloyds, Barclays and HSBC.

Stocks of the bank fell last week after reports that it was seeking fresh funding prompted a sell-off. The shares of Metro Bank were trading 22% higher Monday, but have lost 55% this year.

The bank’s stock will be priced at 30 pence per share, a discount to Friday’s closing price of 45 pence per share.

Some bondholders will suffer losses as a result of the deal, which will also see Metro Bank refinance £600 million ($731 million) of debt.

The deal marks a new chapter for Metro Bank, which has reported losses for several years. The equity raise will raise up to £2 million ($2.4 million) from Frumkin.

“The opportunity to become Metro Bank’s largest shareholder is driven by my belief in the need for physical and digital banking backed by exceptional customer service,” said Gilinski Bacal, an investor since 2019.

A series of mergers and acquisitions has allowed Gilinski Bacal to build one of the largest banking empires in Latin America. His net worth is estimated at $5.3 billion by the publication.

The board of directors of Metro Bank is chaired by Dorita Gilinski, his daughter.