Metro Bank has put itself up for sale as it looks to the “next phase of growth” after recent turnaround efforts. The high street lender said it is launching a strategic review, including a sale, under aims to ramp up growth.
It said it had “successfully completed a substantial transformation” in recent years, but now wanted to look at options to “build on its strategic delivery to accelerate growth”.
Record half-year results
Metro Bank, which has 78 branches across the UK, recently notched up the most profitable half-year in its history, reporting in August that pre-tax profits surged by 41% to £61 million for the six months to June 30.
The group has shifted its strategy away from mainstream lending to focus on a more “underserved market” as part of a major turnaround since 2023.
Board decision
Metro Bank said: “The significant progress made by Metro Bank means it is now well-positioned to consider a broader range of strategic opportunities for its next phase of growth.
“Against this backdrop, the board unanimously believes that evaluating potential interest in the company through an formal sale process, alongside continuing to execute the standalone plan, will maximise the value creation opportunities available to shareholders and deliver benefits for all stakeholders.”
