Metro Bank in talks to acquire RateSetter
Metro Bank has confirmed that it has entered exclusive talks with RateSetter regarding a potential acquisition.
"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.
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Mortgage Rates
Barclays relaunches sub-4% mortgage rate
FCA
FCA sued over compensation scheme that 'significantly underestimates harm'
Mortgages
Mortgage affordability at tightest level since 2008: UK Finance
FCA
FCA announces changes to streamline senior managers regime
Bank Of England
Bank of England holds interest rates at 3.75% in 8-1 vote
FCA
FCA considers revising or scrapping redress scheme amid legal challenges