Metro Bank floats with £1.6bn valuation
Metro Bank has floated on the London Stock Exchange with a market valuation of £1.6bn.
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The bank raised £400m in private capital to support growth plans.
Metro Bank launched in July 2010. In 2015, the bank doubled its lending to £3.5bn and grew deposits to over £5bn, an increase of 78%.
Vernon W. Hill II, Chairman and Founder of Metro Bank said:
“The Revolution in British banking continues with our listing on the Premium London Stock Exchange. Many thanks to our team members, investors and FANS.”
Craig Donaldson, CEO, added:
“Building the bank from the ground up has given us some great advantages. We have connected with local communities and driven our customer numbers and deposits by placing attractive stores in the right locations. We have also been able to create a new bank with the right values, superior service levels and state-of-the art IT infrastructure. The funds we have raised will power the next phase in Metro Bank’s growth across our multi-channel offering.”
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