Metro Bank in talks to acquire RateSetter

Metro Bank has confirmed that it has entered exclusive talks with RateSetter regarding a potential acquisition.

Related topics:  Finance News
Rozi Jones
15th June 2020
Metro Bank
"The Company regularly assesses various opportunities in the market and accordingly confirms that it has entered in to a period of exclusivity with RateSetter"

In a statement, Metro Bank said: "Metro Bank notes the recent press speculation regarding a potential acquisition of Retail Money Market Ltd and its subsidiaries (RateSetter). The Company regularly assesses various opportunities in the market and accordingly confirms that it has entered in to a period of exclusivity with RateSetter, but discussions regarding the potential acquisition are at an early stage."

Metro Bank said the peer-to-peer lender's distribution platform could "accelerate [its] stated strategy to grow its unsecured consumer lending book".

Launched in October 2010, RateSetter had matched more than £2.5bn in loans and had over 500,000 investors and borrowers by June 2018.

Metro said there is no certainty that a formal agreement will be reached at this stage.

 

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