Overview
- Pollen Street Capital, which holds a major stake in Shawbrook Bank, made an approach to take Metro Bank private within the past fortnight
- The discussions remain informal and no binding offer has been submitted at this early stage
- Metro Bank was rescued from near collapse in November 2023 through a £925 million deal led by Jaime Gilinski Bacal, who now owns about 53% of the lender
- Under CEO Daniel Frumkin, the bank has shifted focus to business banking, cut hundreds of jobs and sold loan portfolios to restore profitability
- Shares closed at 112.2 pence on Friday, giving Metro Bank a market value of just over £750 million, more than triple their level a year ago