Metro Bank confirms potential acquisition talks with RateSetter

Maria Nikolova

Metro Bank says it has entered into a period of exclusivity with RateSetter, but discussions regarding the potential acquisition are at an early stage.

Metro Bank PLC (LON:MTRO) today sought to respond to recent press speculation regarding a potential acquisition of Retail Money Market LTD and its subsidiaries (“RateSetter”).

Metro Bank says it 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.

RateSetter is a UK focused peer-to-peer lender whose distribution platform could accelerate Metro Bank’s stated strategy to grow its unsecured consumer lending book.

Metro Bank notes that there can be no certainty at this stage that a formal agreement will be reached, nor as to the terms of any agreement.

Let’s recall that, as per a recent trading update, Metro Bank registered Q1 total deposits of £14,554 million, up £77 million since 31 December 2019, reflecting growth in retail savings accounts, despite a reduction in fixed term deposit rates to more normalised levels in the market. Total deposits remained stable in April.

Metro Bank saw Q1 total net loans amount to £14,512 million, £169 million below the 31 December position, following proactive management of lending growth. The loan to deposit ratio reduced to 100% at the end of the quarter.

Capital and MREL ratios at the end of Q1 remain in excess of regulatory minima following close control of growth in risk weighted assets (RWAs). Liquidity coverage ratio was again strong, closing the quarter above 197% reported at December 2019.

Read this next

Chainwire

Bandit Network’s Points SDK and Brave Ads Power Astar zkEVM’s Quest Platform “Yoki Origins”

“Yoki Origins,” supported by Bandit Network and Brave Ads, introduces a gamified and rewarding experience for Astar zkEVM users, marking a significant milestone in Web3 adoption.

Digital Assets

Crypto ETFs to debut in Hong Kong next week

Hong Kong has authorized six cryptocurrency-based spot ETFs set to launch on April 30, according to Bloomberg.

blockdag

BlockDAG Among The Best New Crypto To Invest In Post 8 Billion Coins Sales; More On Bitcoin Cash Futures’ Launch & Solana Positive Predictions

Explore Solana’s ATH predictions to see whether it can rise after a $17B dip? BlockDAG sells 8 billion coins in presale as Bitcoin Cash Futures launch.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary:USD, FED, German IFO ,Gold April 24 ,2024

Mixed US economic data and Fed rate hike uncertainty are causing volatility in the EUR/USD pair, while the Eurozone and gold prices add another layer of complexity.

Market News, Tech and Fundamental, Technical Analysis

EURCHF Technical Analysis Report 24 April, 2024

EURCHF currency pair can be expected to rise further toward the next major resistance level 0.9840, which stopped the pervious waves C and B, as can be seen below.

Digital Assets

Binance’s CZ could stay in prison until 2027, wife begs for mercy

Changpeng “CZ” Zhao, the founder and former CEO of Binance, has apologized for his decisions and accepted “full responsibility” in a letter to U.S. District Judge Richard A. Jones.

Digital Assets

Monex Group expands crypto business with 3iQ takeover

Monex Group has completed the acquisition of a majority stake in 3iQ Digital Holdings, Inc., a Canadian digital asset investment fund manager, as part of its strategy to expand its crypto business.

Education, Fintech, Inside View

How to Get Into Fintech: Best Tips to Succeed

The Fintech sector is experiencing significant growth, with fresh opportunities emerging rapidly.  Innovations such as machine learning and cryptocurrency are revolutionising finance, leading to a need for trained experts.

Digital Assets

FalconX launches Prime Connect on Deribit

“We are pleased to launch Prime Connect with Deribit and look forward to providing our full suite of prime services which allow institutions to confidently scale their digital assets portfolios while trading on exchanges.”

<