Metro Bank has opened a formal process to test interest in a sale as part of a review of ways to accelerate growth, The Independent reported Thursday, citing the bank’s announcement.
The board unanimously judged that assessing potential interest alongside work on Metro Bank’s standalone plan would best create value for shareholders and benefit stakeholders, according to the newspaper. The bank said it wanted to build on its recent transformation as it considered options for its next growth phase.
Metro Bank’s pretax profit totaled £61 million in the six months through June 30, rising 41%, The Independent reported, citing results announced in August. The newspaper said the period marked the strongest half-year performance in the bank’s history. It reported that the lender has 78 branches across the U.K.
The Independent also reported that Metro Bank has shifted lending away from mainstream lending toward an “underserved market.” The newspaper linked the change to a wider turnaround that has been underway since 2023.
