Metro Bank lists on London Stock Exchange

  • Metro Bank valued at £1.6 billion at listing
  • Sixth challenger bank to list in last two years
  • UK’s challenger banks worth £7.4 billion
  • Demonstrates London’s ability to support a diversified funding ladder for UK businesses

London Stock Exchange today welcomes Metro Bank, Britain’s first new High Street bank in over 100 years, to the Main Market. The company was valued at £1.6 billion at listing.

To celebrate the occasion, Craig Donaldson, CEO and Vernon Hill, Founder & Chairman, Metro Bank, (as well as Mr Hill’s dog, Sir Duffield), were hosted by Xavier Rolet, CEO, London Stock Exchange Group to open trading this morning at London Stock Exchange.

Metro Bank joins five challenger banks that have listed in London since 2014, worth £5.8 billion. In 2016, London Stock Exchange welcomed new banking entrant, CYBG, Clydesdale and Yorkshire Banking Group, to its markets, with a valuation of £1.6 billion. There are currently 53 banks listed on London Stock Exchange, with a combined market capitalisation close to £672 billion.

Metro Bank is also amongst a handful of companies that have been included three years in a row in London Stock Exchange’s 1000 Companies to Inspire Britain report, which identifies the UK’s fastest growing small and medium sized enterprises.

Shares opened on Thursday 10 March, the first day of unconditional dealing, almost 10 per cent up from their placement price.

Xavier Rolet, CEO, LSEG said:
“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.”

Craig Donaldson, CEO, Metro Bank said:
“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 £6 billion 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.”

 

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For further information:
Media 
Alexandra Ritterman
+44 (0)20 7797 1222
newsroom@lseg.com

Notes to editors:

About London Stock Exchange Group:

London Stock Exchange Group (LSE.L) is an international markets infrastructure business. Its diversified global business focuses on capital formation, intellectual property and risk and balance sheet management. LSEG operates an open access model, offering choice and partnership to customers across all of its businesses. The Group can trace its history back to 1698.

The Group operates a broad range of international equity, ETF, bond and derivatives markets, including London Stock Exchange; Borsa Italiana; MTS (Europe's leading fixed income market); and Turquoise (a pan-European equities MTF). Through its platforms, LSEG offers market participants, including retail investors, institutions and SMEs unrivalled access to Europe’s capital markets. The Group also plays a vital economic and social role, enabling companies to access funds for growth and development.

Through FTSE Russell, the Group is a global leader in financial indexing, benchmarking and analytic services with approximately $10 trillion benchmarked to its indexes. The Group also provides customers with an extensive range of real time and reference data products, including SEDOL, UnaVista, and RNS.

Post trade and risk management services are a significant part of the Group’s business operations. In addition to majority ownership of LCH.Clearnet Group, a multi-asset global CCP operator, LSEG owns CC&G, the Italian clearing house; Monte Titoli, a leading European custody and settlement business; and globeSettle, the Group’s CSD based in Luxembourg.

LSEG is a leading developer and operator of high performance technology solutions, including trading, market surveillance and post trade systems for over 40 organisations and exchanges, including the Group’s own markets. Additional services include network connectivity, hosting and quality assurance testing. MillenniumIT, GATElab and Exactpro are among the Group’s technology companies.

Headquartered in the United Kingdom, with significant operations in North America, Italy, France and Sri Lanka, the Group employs approximately 4,700 people.

Further information on London Stock Exchange Group can be found at www.lseg.com