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Metro Bank (United Kingdom)

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384: 1736: 334: 544:. The price would be between £2.5 million and £12 million, depending on performance over the next three years. The purchase was subject to regulatory approval and the agreement of Retail Money Market Ltd shareholders, and was expected to complete in the fourth quarter of 2020. Metro Bank would continue the RateSetter brand and its operations, but new unsecured personal lending would be funded by the bank's deposits, not through peer-to-peer. In February 2021, Metro Bank bought RateSetter's entire portfolio of loans, valued at £384m. 395: 1702: 514: 36: 298: 278: 258: 238: 218: 1717: 1216:
Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA. We are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Most relevant deposits are
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were to investigate the circumstances of the error. In December 2021, the bank was fined £5.38m by the PRA after their investigation, saying that it had "failed to meet the standards of governance and controls expected of it" with regards to the risk weighting and classification of commercial loans.
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In January 2019, Metro Bank admitted classifying a portfolio of commercial loans for capital purposes incorrectly, thereby failing to hold sufficient capital to meet regulatory requirements; the error applied to around 10% of its loan book. The miscalculation was identified through a review by the
484:(PRA) but Metro Bank erroneously gave the impression that the bank had identified the incorrect classification itself. To correct the error in the capital classification, Metro Bank announced a £350m share issue and said it would reduce its growth plans. It was also reported that the PRA and the 465:
reported that, following a loss of £8.8 million in the first quarter of 2013, Metro Bank's pre-tax losses had exceeded £100 million in less than three years since its launch, but the bank stated that these were planned for, and were "a result of its growth initiatives". In an interview with the
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purposes. As a result, it had to raise an additional £350m of capital. Concerns over the announcement and the bank's ability to raise the capital resulted in the bank's share price falling by 75% in less than four months, and large depositors withdrawing cash, because of "adverse sentiment".
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After a period of rapid growth, Metro Bank hit difficulties in early 2019 when it announced it had insufficient capital to meet regulatory requirements, following the discovery of an error in the way it categorised its commercial loans for
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As a result of the admission and the share issue announcement, Metro Bank's share price fell sharply, losing 40% of its value in the month after the announcement and 75% in less than four months. By March 2019, the
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shares on the UK stock market. Additionally, large depositors began withdrawing funds: Metro Bank admitted that there had been a 4% drop in its deposits in the first quarter of 2019 because of "adverse sentiment".
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Metro Bank increased its account holders by 50% in the first half of 2013 for a total of 200,000 customer accounts, including 15,000 business accounts. It was aiming to have 200 UK branches open by 2020.
1763: 558:. At the same time Metro Bank entered into discussions over a financing package with its bondholders and shareholders with the aim of restructuring its debt and gaining a capital injection. 572:
had considered a bid for Metro Bank before opting not to proceed due to the capital required by the bank. Metro was also claimed to have rejected an offer from fellow challenger bank
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magazine reported that Metro's flagship Holborn branch had "...garnered $ 200 million in deposits, four times the total at the average mature American branch".
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It was announced in August 2020 that Metro Bank had agreed to acquire Retail Money Market Ltd, a London-based provider of peer-to-peer loans trading as
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on 5 March 2010, the first high-street bank to be granted such a licence for over 150 years. It planned to open between 200 and 250 branches in
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On 6–8 October 2022, Metro Bank's mobile banking app failed, resulting in its customers being unable to manage their accounts remotely.
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The bank was reported to be exploring the sale of a further £3 billion slice of its mortgage book, potentially to NatWest or
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In October 2019, Hill stood down as chairman. He was replaced by Sir Michael Snyder who was appointed Interim Chairman.
2335: 583:, the second richest person in Colombia, becoming the controlling shareholder with around a 53% stake in the business. 230: 2254: 937: 1978: 537:
Metro Bank acquired SME Finance in August 2013, and rebranded the business as Metro Bank SME Finance in May 2014.
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Donaldson stepped down as CEO in December 2019, and was replaced by Daniel Frumkin from February 2020.
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On 8 October 2023, Metro Bank secured a £325m capital raise alongside £600m of debt refinancing with
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In February 2021, Metro Bank completed the £3.04 billion sale of a residential mortgage portfolio to
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joined Metro Bank's board with a view to developing Metro Bank's small business lending operations.
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Metro Bank provides banking services to personal and business customers. It is authorised by the
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Metro Bank’s chief executive Craig Donaldson reveals what he looks for when hiring new talent
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Hill raised £250m from investors at the start and said it would take years to make a profit.
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In 2012, the bank raised an additional $ 200 million in funding from investors including
1735: 333: 2267: 2151: 2021: 165: 90: 1480:"Embattled Metro Bank secures capital, Colombian billionaire Gilinski to take control" 1181: 2260: 2136: 1837: 1596: 2231: 2224: 2217: 2211: 2171: 1932: 1863: 607: 443: 366: 290: 72: 1495:"Metro Bank secures financing with £325m capital raise and £600m debt refinancing" 1407:
Wiggins, Kaye; Venkataramakrishnan, Siddharth; Morris, Stephen (4 November 2021).
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Smith, Ian; Walker, Owen; Morris, Stephen; Massoudi, Arash (8 October 2023).
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within ten years of starting up. Its first branch opened on 29 July 2010 in
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bank to launch in the United Kingdom in over 150 years. It is listed on the
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Craig Donaldson, the chief executive officer, started his career on the
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where he met Hill. Together they decided to set up a UK equivalent to
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A Metro Bank debit card, credit card and cheque book issued in 2011
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operating in the United Kingdom, founded by Anthony Thomson and
1950: 1716: 452: 140: 1382:"Metro Bank in Talks for Debt Restructuring, Equity Injection" 1102:"Don't re-elect CEO or chairman, Metro Bank shareholders told" 1025:"Regulators probe Metro Bank's possible false market creation" 885:"Monday Interview: All-American shake-up comes to UK banking" 270: 1636:"Metro Bank appoints Dan Frumkin as Chief Executive Officer" 2026: 1817: 1549:"City grandee Sir Michael Snyder joins Metro Bank's board" 1182:"Our App is temporarily down due to a technical issue ..." 1425: 1279:"Metro Bank snaps up £384m RateSetter portfolio of loans" 494: 1571:"Metro Bank chairman steps down early after torrid year" 1217:
protected by the Financial Services Compensation Scheme.
1153:"Big customers desert Metro Bank over accounting error" 993:"Metro Bank shares crash after loans blunder revealed" 497:
reported that Metro Bank shares were the second most
1697: 1597:"Dan Frumkin, Metro Bank PLC: Profile and Biography" 1409:"Metro Bank receives takeover approach from Carlyle" 561:
In November 2021, Metro Bank entered talks with the
1622:"Metro Bank Plc appoints Robert Sharpe as Chairman" 610:, and this idea grew into Metro Bank. In 2015, Sir 990: 1773:Commercial and retail banks in the United Kingdom 1523:"IEA awards Free Enterprise Award to Vernon Hill" 1478:Withers, Iain; Sakoui, Anousha (8 October 2023). 1330:"Metro Bank completes sale of mortgage portfolio" 602:graduate scheme in 1995. Later he worked for the 2317: 1650:"Q&A: Anthony Thomson, chairman, Metro Bank" 532: 2346:Companies based in the London Borough of Camden 915:"Metro Bank reaches 200,000 customer accounts" 713: 711: 709: 707: 705: 1757: 1477: 674: 551:. The deal was agreed upon in December 2020. 1540: 1230:"Metro Bank Launches Metro Bank SME Finance" 964:"Metro Bank to Have 200 U.K. Stores by 2020" 854:"The bank that's rising amid Europe's ashes" 353:in 2010. At its launch it was the first new 1428:"JPMorgan Chase studied bid for Metro Bank" 986: 984: 769: 767: 702: 1764: 1750: 1734: 1499:The Intermediary - Latest UK mortgage news 1361:The Intermediary - Latest UK mortgage news 1179: 1128: 1077: 1019: 1017: 1015: 882: 658: 415:Metro Bank was granted its licence by the 332: 34: 2326:2019 establishments in the United Kingdom 1678:. University of Bradford. 28 October 2016 1551:. No. 17 October 2015. The Telegraph 1071: 741: 739: 737: 735: 733: 529:and the Prudential Regulation Authority. 1276: 981: 938:"Metro Bank plans expansion and listing" 764: 512: 1546: 1517: 1515: 1012: 847: 845: 799: 2318: 1492: 1354: 1131:"Financial sharks circling Metro Bank" 991:Collinson, Patrick (23 January 2019). 935: 730: 19:For similarly named institutions, see 2341:British companies established in 2010 1745: 912: 632:: Robert Sharpe (since November 2020) 442:, and New York real estate investors 2351:Companies in the FTSE SmallCap Index 1512: 1277:Shepherd, Damian (2 February 2021). 1051: 906: 883:Armitstead, Louise (28 April 2013). 842: 802:"Metro Bank: Sublime or ridiculous?" 623: 565:concerning a possible takeover bid. 16:Bank operating in the United Kingdom 638:: Dan Frumkin (since February 2020) 13: 1244: 1052:Cohn, Carolyn (22 December 2021). 642: 14: 2367: 2331:Banks based in the City of London 1693: 851: 591:Founder Vernon Hill received the 1979:National Savings and Investments 1715: 1700: 936:Sakoui, Anousha (January 2013). 393: 382: 297: 296: 277: 276: 257: 256: 237: 236: 217: 216: 1668: 1642: 1628: 1614: 1589: 1563: 1493:Fowler, Ryan (8 October 2023). 1486: 1471: 1445: 1419: 1400: 1374: 1355:Fowler, Ryan (6 October 2023). 1348: 1322: 1296: 1270: 1222: 1206:. Metro Bank PLC. December 2014 1196: 1173: 1145: 1122: 1094: 1045: 956: 929: 913:Winch, Jessica (29 July 2013). 523:Prudential Regulation Authority 482:Prudential Regulation Authority 1180:Metro Bank (7 October 2022). 876: 824:"Metro Bank opens doors in UK" 816: 793: 46:Metro Bank Limited (2007–2009) 1: 2238:Cambridge & Counties Bank 1782:Banking in the United Kingdom 1527:Institute of Economic Affairs 800:Pollock, Ian (29 July 2010). 668: 593:Institute of Economic Affairs 586: 533:Acquisitions and divestitures 1129:Simon Jack (19 March 2019). 417:Financial Services Authority 7: 1252:"Acquisition of RateSetter" 664:Craig Donaldson (2010–2019) 648:Anthony Thomson (2010–2012) 527:Financial Conduct Authority 508: 486:Financial Conduct Authority 10: 2372: 568:It was also revealed that 525:and regulated by both the 373: 347:retail and commercial bank 18: 2336:Banks established in 2010 2305:UK Government Investments 2282: 2212:Arbuthnot Latham & Co 2202: 2035: 1997: 1984:UK Government Investments 1971: 1941: 1887: 1852: 1815: 1788: 1779: 1078:Simon Jack (9 May 2019). 319: 308: 288: 268: 248: 228: 212: 186: 156: 146: 136: 117: 99: 78: 60: 50: 42: 33: 921:. London. Archived from 1923:Holt's Military Banking 1232:. Press AT. 20 May 2014 659:Former chief executives 448:David and Simon Reubens 284:22,245.0 million (2023) 177:Chief Executive Officer 2356:David and Simon Reuben 2058:Allied Irish Bank (GB) 1911:Royal Bank of Scotland 604:Royal Bank of Scotland 518: 304:1,134.0 million (2023) 105:; 14 years ago 55:Public limited company 2080:The Co-operative Bank 1547:Wallace, Tim (2015). 925:on 24 September 2013. 747:"Annual Results 2023" 516: 359:London Stock Exchange 2243:Close Brothers Group 1869:Birmingham Midshires 1855:Lloyds Banking Group 1724:at Wikimedia Commons 864:on 17 September 2013 581:Jaime Gilinski Bacal 556:Lloyds Banking Group 450:. In the same year, 440:SAC Capital Advisors 313:Jaime Gilinski Bacal 224:648.9 million (2023) 2303:Partially owned by 2268:Rothschild & Co 1989:UK Asset Resolution 1204:"Metro Bank Online" 264:29.5 million (2023) 244:30.5 million (2023) 148:Number of locations 30: 2152:Standard Chartered 1972:Wholly state-owned 1033:. 27 February 2019 775:"Computer says no" 519: 459:On 2 May 2013 the 427:, central London. 166:Sir Michael Snyder 91:Financial services 28: 2313: 2312: 2261:Kleinwort Hambros 2232:C. Hoare & Co 2203:Other commercial 2137:Secure Trust Bank 1838:HSBC Private Bank 1720:Media related to 1577:. 23 October 2019 1336:. 2 February 2021 1310:. 2 February 2021 690:. 6 November 2007 624:Senior leadership 340: 339: 204:Corporate banking 103:29 July 2010 2363: 2225:Butterfield Bank 2218:Bank and Clients 2172:Unity Trust Bank 2142:Sainsbury's Bank 1999:Challenger banks 1933:Isle of Man Bank 1917:Messrs. Drummond 1905:Coutts & Co. 1864:Bank of Scotland 1766: 1759: 1752: 1743: 1742: 1738: 1733: 1732: 1730:Official website 1719: 1710: 1705: 1704: 1703: 1688: 1687: 1685: 1683: 1672: 1666: 1665: 1663: 1661: 1656:. 1 January 2012 1646: 1640: 1639: 1632: 1626: 1625: 1618: 1612: 1611: 1609: 1607: 1593: 1587: 1586: 1584: 1582: 1567: 1561: 1560: 1558: 1556: 1544: 1538: 1537: 1535: 1533: 1519: 1510: 1509: 1507: 1505: 1490: 1484: 1483: 1475: 1469: 1468: 1466: 1464: 1459:. 7 October 2023 1449: 1443: 1442: 1440: 1438: 1423: 1417: 1416: 1404: 1398: 1397: 1395: 1393: 1388:. 7 October 2023 1378: 1372: 1371: 1369: 1367: 1352: 1346: 1345: 1343: 1341: 1326: 1320: 1319: 1317: 1315: 1300: 1294: 1293: 1291: 1289: 1274: 1268: 1267: 1265: 1263: 1248: 1242: 1241: 1239: 1237: 1226: 1220: 1219: 1213: 1211: 1200: 1194: 1193: 1177: 1171: 1170: 1168: 1166: 1149: 1143: 1142: 1140: 1138: 1126: 1120: 1119: 1117: 1115: 1098: 1092: 1091: 1089: 1087: 1075: 1069: 1068: 1066: 1064: 1049: 1043: 1042: 1040: 1038: 1021: 1010: 1009: 1007: 1005: 988: 979: 978: 976: 974: 960: 954: 953: 951: 949: 933: 927: 926: 910: 904: 903: 898: 896: 880: 874: 873: 871: 869: 860:. 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Cohen 413: 412: 411: 410: 409: 398: 389: 388: 387: 376: 325:metrobankonline 323: 289: 269: 253: 233: 208: 182: 159: 149: 132: 124:Anthony Thomson 109: 107: 104: 95: 65: 24: 17: 12: 11: 5: 2369: 2359: 2358: 2353: 2348: 2343: 2338: 2333: 2328: 2311: 2310: 2308: 2307: 2301: 2287:Big Four banks 2283: 2280: 2279: 2277: 2276: 2271: 2264: 2257: 2252: 2245: 2240: 2235: 2228: 2221: 2214: 2208: 2206: 2200: 2199: 2197: 2196: 2191: 2190: 2189: 2187:Yorkshire Bank 2184: 2174: 2169: 2164: 2159: 2154: 2149: 2147:Shawbrook Bank 2144: 2139: 2134: 2129: 2124: 2119: 2114: 2109: 2104: 2099: 2094: 2089: 2088: 2087: 2077: 2072: 2067: 2066: 2065: 2060: 2053:AIB Group (UK) 2050: 2045: 2039: 2037: 2033: 2032: 2030: 2029: 2024: 2019: 2014: 2009: 2003: 2001: 1995: 1994: 1992: 1991: 1986: 1981: 1975: 1973: 1969: 1968: 1966: 1965: 1960: 1953: 1947: 1945: 1939: 1938: 1936: 1935: 1930: 1925: 1920: 1913: 1908: 1901: 1895: 1893: 1885: 1884: 1882: 1881: 1876: 1871: 1866: 1860: 1858: 1850: 1849: 1847: 1846: 1841: 1834: 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Index

Metrobank

Public limited company
Traded as
LSE
MTRO
Banking
Financial services
Vernon Hill
London
Sir Michael Snyder
Chairman
Chief Executive Officer
Credit cards
Consumer banking
Corporate banking
£
Operating income
£
Net income
£
Total assets
£
Total equity
£
Jaime Gilinski Bacal
metrobankonline.co.uk
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retail and commercial bank
Vernon Hill

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