Challenging times for challenger banks as shares plunge after Brexit

William Turvill
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Metro Bank has performed better than some of its peers, but its shares were down 13 per cent on Monday afternoon (Source: Getty)

Challenger banks are finding Brexit life challenging, their share prices suggest.

While the likes of Barclays and Royal Bank of Scotland (RBS) have experienced falls of more than 18 per cent on Monday, some challenger banks have fared even worse.

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Shortly after 3pm on Monday, Shawbrook Group's shares were down 26 per cent to 172p. And this came after its price fell 21 per cent after the result of the EU vote, from 295p on Thursday to 233p.

Shawbrook Bank first floated on the stock exchange in April last year.

Elsewhere, Virgin Money’s share price was down 24 per cent to 210p after falling from 366.4p to 275.3p between Thursday and Friday.

OneSavings Bank, meanwhile, was down 27 per cent to 191.1p. It fell from 333.3p on Thursday to 269.75p on Brexit day.

Read more: Challenger banks will take "years" to make money

Aldermore hasn’t fared much better, down 19 per cent to 112.8p on Monday afternoon after falling 32 per cent on Friday.

Metro Bank is performing slightly better. It was down 13 per cent to 1,667p on Monday afternoon after falling nine per cent on Friday.