Metro Bank was the first new high street bank in Britain in more than 100 years when it was founded in 2010Metro Bank has agreed to buy one of Britain’s biggest peer-to-peer lending platforms for an initial payment of £2.5 million as the troubled bank seeks to revive its fortunes. The purchase price for Ratesetter could rise to £12 million over three years if certain performance targets are met, the bank said yesterday. Nevertheless, the modest purchase price surprised some analysts in the City yesterday. It means that investors including Neil Woodford, the once-renowned stockpicker whose stake is now managed by Schroders, and Artemis are facing losses having poured £56 million into Ratesetter. Daniel Frumkin, 56, Metro’s chief executive, said that the acquisition would allow the bank to expand its unsecured consumer lending business as it looks

Source: The Times August 03, 2020 23:03 UTC