Metro Bank in 'early stage' talks to buy RateSetter

(Sharecast News) - Metro Bank confirmed on Monday that it is in "early stage" discussions with peer-to-peer lender RateSetter about a potential acquisition.
Responding to a report by Sky News over the weekend, Metro said it has entered into a period of exclusivity with RateSetter.

"RateSetter is a UK focused peer-to-peer lender whose distribution platform could accelerate the company's stated strategy to grow its unsecured consumer lending book," the challenger bank said.

It added that there can be no certainty a formal agreement will be reached, nor as to the terms of any agreement.

A further announcement will be made if and when appropriate.

At 1135 BST, the shares were down 5.7% at 99.07p.