Metro Bank floats on stock exchange

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Metro Bank launched on the London Stock Exchange yesterday, achieving a valuation of £1.6bn.

Metro joins five other challenger banks that have listed in London since 2014. There are currently 53 banks listed on the stock exchange, with a combined market capitalisation of close to £672bn.

LSE chief executive Xavier Rolet says: “Welcoming Metro Bank today is a cause for celebration not only for the company, but for the creation of a more diversified funding ladder to support businesses and services across the UK.

“London Stock Exchange is committed to working hand-in-hand with a host of innovative financing partners from challenger banks to crowdfunding platforms to establish a comprehensive funding ladder in the UK. This will allow companies throughout the country to access appropriate growth financing, in turn stimulating job creation and wider economic prosperity.”

Metro chief executive Craig Donaldson says: “Today, we have realised an ambition to float Metro Bank on London Stock Exchange. But this is just the beginning. This listing, and the access to capital it brings, will power the next stage in Metro Bank’s remarkable growth story.

“Our first branch opened just down the road at Holborn less than six years ago. Today we have 40 stores, 700,000 customer accounts, and over £6bn in deposits. We’ve also created 2,000 jobs and have thousands more planned. This city is our home, and it’s an amazing place to start and grow a business.”