Metro Bank focuses on standalone future as takeover talks fall through
Written by Hit Music Radio News on 18/11/2021
Metro Bank shares have fallen back sharply after a US private equity firm said it had ended its interest in a takeover.
Carlyle’s talks over a possible offer were revealed by the bank earlier this month – sending Metro’s shares up by almost a third.
Its market value plunged by 16% on confirmation negotiations had ended, with neither party giving an explanation.
Metro said on Thursday: “The board continues to strongly believe in the standalone strategy and future prospects of Metro Bank.”
The lender, which prides itself in growing its high street presence at a time when major rivals are closing branches, has been working to turn around its fortunes after a major accounting error in 2019 forced out its top bosses.
It has struggled to generate profits from a growing deposit base amid low interest rates.
But its losses narrowed in July as Britain’s economy recovered from the COVID-19 pandemic.
© Sky News 2020