Britain’s Metro Bank just announced a formal sale process today, and its part of a strategic review, that aims to open the door to a “potential takeover as the lender seeks to build on its turnaround strategy.”
The Reuters report where this news broke, also revealed that the current market capitalization of the bank stands at £1.21 billion which is almost $1.6 billion, as of Wednesday’s close.
According to their own statement though, “no certainty” is there that a deal will be struck.
Its important to not that the move itself comes after a ‘multi-year turnaround’, which included ’cost cuts’, ‘acceleration into higher-return lending for corporate’, as well as commercial, small and medium enterprises, and also ‘specialist mortgage lending’ and drove it to record profits.
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