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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”.
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. 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 a 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.” Metro Bank said it was not in active discussions with any possible buyers but is inviting bidders to come forward and contact advisers Morgan Stanley to express interest. “If the formal sale process does not lead to a transaction, the company will continue to execute its strategy and deliver its guidance as previously stated,” it said. Metro Bank was launched in 2010 as a challenger to regular UK banks (Mike Egerton/PA) (PA Archive) The London-based lender returned to profit in 2025, with an £87.2 million surplus against losses of £212.1 million in 2024.
The profit came after the company cut its costs by 7% over the year as part of its ongoing major overhaul. The lender has cut more than 1,000 roles under the plan and also scrapped the seven-day-a-week opening hours across its branches – once a central feature of the banking group. The lender was launched in 2010 as a challenger to the regular UK banks, with the longer opening hours forming a major plank of its strategy.
Metro Bank launched its major cost-cutting plan three years ago after its shareholders approved a funding package worth £925 million to secure the firm’s future on Britain’s high streets. Shareholders gave the green light to a capital fundraise which saw Colombian billionaire Jaime Gilinski Bacal become a majority shareholder in the group with a 53% stake. Mr Gilinski Bacal appointed himself to the Metro Bank board as a non-executive director.
Source: The Independent
