Key facts
- Metro Bank's board invited expressions of interest for the entire issued and to be issued share capital.
- The Takeover Panel granted a dispensation from the 28-day deadline under Rule 2.6(a) for parties in the process.
- Metro Bank appointed Morgan Stanley & Co. International plc as lead financial adviser for the Formal Sale Process.
- Metro Bank said it reported the highest profits in its history for Full Year 2025.
- Metro Bank said it expects return on tangible equity above 13% in Q4 2026, above 15% in 2027 and above 18% in 2028.
Metro Bank Holdings PLC announced on November 12, 2026 that its board is undertaking a Strategic Review of options for accelerating growth, including commencing a Formal Sale Process under the UK Takeover Code. The board invited expressions of interest for a potential transaction for the entire issued and to be issued ordinary share capital of the company.
The Takeover Panel agreed that discussions with interested third parties may take place confidentially within the Formal Sale Process. The panel granted a dispensation from Rules 2.4(a), 2.4(b) and 2.6(a) of the Takeover Code, so any interested party will not be required to be publicly identified as a result of the announcement and will not be subject to the 28-day deadline under Rule 2.6(a) for as long as it participates in the process.
Metro Bank appointed Morgan Stanley & Co. International plc as its lead financial adviser for the Formal Sale Process; Morgan Stanley is also advising the board on its obligations under the Takeover Code. The announcement states that it does not constitute a firm intention by any party to make an offer under Rule 2.7, and that there can be no certainty an offer will be made or as to its terms.
The board said it remains confident in Metro Bank's standalone growth prospects and its ability to deliver guidance reaffirmed in a Q3 trading update on November 4, 2026. Metro Bank said it operates with the lowest cost of deposits of any UK high street bank, reported the highest profits in its history for Full Year 2025, and expects to deliver a return on tangible equity above 13% in Q4 2026, above 15% in 2027 and above 18% in 2028.