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UK's Metro Bank up for sale as part of strategic review

By Reuters News

Nov 12 (Reuters) - Britain's Metro Bank MTRO.L on Thursday launched a formal sale process as part of a strategic review, opening the door to a potential takeover as the lender seeks to build on its turnaround strategy.

The bank, which had a market capitalization of £1.21 billion ($1.6 billion) as of Wednesday's close, said it was not in active discussions with any potential bidder and had not received any offer.

The move comes after a multi-year turnaround, which included cost cuts, acceleration into higher-return lending for corporate, commercial, small and medium enterprises, and specialist mortgage lending, and drove it to record profits.


($1 = 0.7543 pounds)

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