Metro Bank Holdings Plc shareholders have voted in favor of a capital raise that’s part of a £925 million ($1.2 billion) rescue deal agreed in October.

Over 90% of shareholders approved the £150 million equity raise, according to a statement Monday. The move paves the way for Colombian billionaire Jaime Gilinski to increase his stake to about 53% from 9.2%. Metro’s investors also agreed to waive UK takeover rules that would have required Gilinski’s Spaldy Investments to bid for the entire company.

The vote’s result, while widely expected, is a key step for Metro as it seeks to turn around its performance. The London-based challenger bank this month more than tripled the interest rate it’s paying on customer deposits. It’s also implementing a cost-cutting program and focusing more on higher-margin specialist mortgages.

Chief Executive Officer Daniel Frumkin last month indicated that Barclays Plc was among the possible buyers of a £3 billion mortgage portfolio it was looking to sell. Sky News reported on Monday the lenders were now in exclusive talks about the potential deal.

Representatives for Metro and Barclays declined to comment on the talks when contacted by Bloomberg.

--With assistance from Tom Metcalf.