Challenger Metro Bank unveils plans for £1.9bn float as it prepares to reveal reversal of losses

 
Caitlin Morrison
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A logo for a new branch of a Metro Bank
The challenger bank launched in the UK just six years ago (Source: Getty)

Metro Bank is set to unveil plans for a massive £1.9bn float, and could be listed by the end of February, according to reports.

The bank is also aiming to raise £500m by selling new shares to its existing investors, which will bring the total amount raised since the bank launched in 2010 to £1.1bn. The shares are to be priced at £24 each.

The challenger bank’s board met today to discuss plans for an initial public offering (IPO), according to Sky News, and has told investors that its shares will be admitted to the stock market at the end of next month.

The meeting comes ahead of tomorrow’s results for the fourth quarter of 2015, which will reveal a 78 per cent increase in deposits, up to £5.1bn.

Losses have also been reduced, narrowing from £10.7m in the third quarter to £10.1m.

Bank of America Merrill Lynch, Goldman Sachs and Royal Bank of Canada are working on the IPO.

Metro Bank declined to comment.

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