Last checked at 
(Alliance News) - Metro Bank PLC on Monday confirmed that it is in talks to potentially acquire peer-to-peer lender RateSetter, but said there is no certainty that an agreement will be reached.
Shares in Metro Bank were up 0.9% at 105.95 pence each in London. Year-to-date the stock has shed 49% in value, however.
"Metro Bank PLC notes the recent press speculation regarding a potential acquisition of Retail Money Market Ltd and its subsidiaries. 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," the London-based challenger bank said in a statement.
Metro Bank believes RateSetter's peer-to-peer platform could accelerate the company's stated strategy to grow its unsecured consumer lending book. Peer-to-peer lending is a way for people to lend money to individuals or businesses.
"There can be no certainty at this stage that a formal agreement will be reached, nor as to the terms of any agreement. A further announcement will be made if and when appropriate," Metro Bank said.
Sky News on Sunday reported that Metro Bank was in talks to buy RateSetter at "a knockdown valuation".
Sources told the news agency that an agreement could be reached sometime in July, if talks progressed satisfactorily.
https://news.sky.com/story/coronavirus-metro-bank-in-talks-to-buy-peer-to-peer-lender-ratesetter-12006969
By Tapan Panchal; tapanpanchal@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
