Metro Bank has put itself up for sale. On 12 November 2026 the London-listed high street lender started a strategic review that includes a "formal sale process", hired Morgan Stanley to find buyers and said it is not in talks with anyone yet. The move comes three years after a £925 million rescue left Colombian billionaire Jaime Gilinski with about 53% of the bank. For customers, nothing about deposit protection changes: the FSCS still covers up to £120,000 per person.[1][2][3][8]
 | |
| Announced | 12 November 2026, 07:00 GMT[1] |
|---|---|
| Type | Strategic review including a formal sale process (Takeover Code)[1][2] |
| Lead adviser | Morgan Stanley[1][2] |
| Joint advisers | Citigroup, RBC Capital Markets[1][5] |
| Bidders in talks | None, and no approach received[1][3] |
| Branches | 78 in the UK[2][3][6] |
| Largest shareholder | Jaime Gilinski, about 53%[3][5] |
| Market value | A little over £1 billion[4][5] |
| Chief executive | Daniel Frumkin[5][6] |
| Deposit protection | FSCS, up to £120,000 per person[8] |
What Metro Bank announced
The board said it is running a strategic review of how the bank "builds on its strategic delivery to accelerate growth", and that the review includes a formal sale process. In plain terms, Metro Bank is inviting offers for the whole company, every ordinary share in issue.[1]
Morgan Stanley is the lead financial adviser and will handle interest from buyers. Citigroup and RBC Capital Markets are joint advisers and brokers, and Linklaters is the legal adviser.[1][5] City AM and the Independent both report the same core point: no bidder is at the table yet.[2][3]
The bank's own words are careful. It "is not in any active discussions with any potential offeror" and has not received an approach. There is "no certainty" that any offer will come, and if nothing happens, Metro Bank says it will keep following its current plan and its targets.[1] The board's decision was unanimous.[1][5]
Why now? The bank says it has "successfully completed a substantial transformation" and is "well positioned to consider a broader range of strategic opportunities". It believes testing buyer interest, while carrying on with the standalone plan, gives shareholders the best value.[1][3]
How a formal sale process works
Normally, once a UK listed company says it is in talks, the bidder has to be named and has 28 days to make a firm offer or walk away. This is often called "put up or shut up". A formal sale process is the exception. The Takeover Panel agreed that anyone taking part can stay anonymous and will not face that 28-day deadline while they are in the process.[1][2]
Interested buyers first sign a non-disclosure and standstill agreement on the same terms as everyone else. Then Metro Bank gives them information on the business, and they are invited to send proposals. The board can change the process, end it, or reject any approach at any time.[1][5]
The announcement also starts an "offer period" under the Takeover Code. That mostly matters to investors: people who hold 1% or more of the shares have to disclose their dealings. Shareholders have been told to take no action for now.[1]
Is my money safe if I bank with Metro Bank?
This is the question most customers will ask, so here is the short version. A sale process is about who might own the company's shares. It is not a sign that the bank is failing, and the bank says it will keep running its current plan while the process goes on.[1]
Your protection does not depend on who owns the bank. The Financial Services Compensation Scheme (FSCS) protects up to £120,000 per eligible person with each UK-authorised bank. That limit went up from £85,000 on 1 December 2025.[8] If you hold more than that across Metro Bank accounts, the extra is above the FSCS limit whatever happens with the sale, so that is worth knowing in any case.
If a buyer does appear and a deal goes through, any changes to accounts, branches or the app would be announced later. Nothing like that has been said so far.[1]
Shares and value
Metro Bank shares rose in early trading on Thursday. This is Money put the early gain at 3.58% and noted the shares are up nearly 50% this year.[4] The bank is worth a little over £1 billion on the stock market: This is Money says "over £1billion", and The Market Reporter says the shares jumped 16.5% to 178p after the third-quarter update on 4 November, valuing the bank at about £1.16 billion.[4][5]
Who could buy it? No name has come from the bank. This is Money suggests private equity firms and rival challenger banks could take a look, and says much depends on the price and on whether the main shareholder wants to sell.[4] Treat any names you see as speculation until Metro Bank or a bidder confirms them.
From rescue to sale: the background
Metro Bank opened in 2010 as a challenger to the big high street banks, and This is Money notes it claimed to be the first new high street bank in Britain in more than 150 years.[3][4] Its long opening hours, seven days a week, were part of the pitch.[3]
Things went wrong in 2019, when it admitted it had misclassified some commercial loans, which led to investigations by the regulators.[4] In 2022 the Financial Conduct Authority fined it £10 million for publishing an incorrect figure for its risk-weighted assets in an October 2018 trading update.[9]
In 2023 the shares fell sharply and the bank needed emergency capital. Shareholders approved a £925 million funding package, and Jaime Gilinski became the majority owner with about 53%.[3][4][5] This is Money describes the new equity in that rescue as £325 million.[4]
Since then the bank has cut more than 1,000 jobs, dropped seven-day opening and moved away from mainstream lending towards business loans and specialist mortgages.[3][2] This is Money says January 2026 brought its third round of redundancies in three years.[4]
The numbers behind the turnaround
| Measure | Figure | Source |
|---|---|---|
| Pre-tax profit, first half of 2026 | £60.7m, up 41% (a record half-year) | City AM, Independent[2][3] |
| Full year 2025 | Record profit; PA reports £87.2m after a £212.1m loss in 2024 | RNS, Independent[1][3] |
| Target lending (business, specialist mortgages), Q3 2026 | £6.62bn, up 37% on a year | Q3 update, Market Reporter[6][5] |
| Customer deposits, Q3 2026 | £13.03bn, down 1% | Q3 update[6] |
| Net interest margin (exit), Q3 2026 | 3.45%, up 0.42 points | Q3 update[6] |
| Loan to deposit ratio | 71% (67% a year earlier) | Q3 update[6] |
Deposits dipped slightly because the bank let go of expensive deposits from customers who have no wider relationship with it, while current account balances grew.[6] Metro Bank says it has the lowest cost of deposits of any UK high street bank.[1][6]
It also keeps repeating three profit targets, measured as return on tangible equity: more than 13% in the last quarter of 2026, more than 15% in 2027 and more than 18% in 2028.[1][6]
Board changes before the sale
The sale comes soon after a change at the top of the board. Chair Robert Sharpe stepped down on 31 October 2026 at the end of his six-year term. Catherine Brown, the senior independent director, became interim chair, subject to regulatory approval, and is leading the search for a permanent chair.[7][2]
What happens next
Metro Bank has not given a timetable. It says further announcements will be made "as appropriate including as to timetable".[1] The things to watch are simple: whether any party is confirmed as taking part, whether a firm offer is made, and what the bank's next results show. If no deal comes, the bank says it carries on alone with the same targets.[1]
Frequently asked questions
Is Metro Bank closing?
No. It has started a process to see if anyone wants to buy it. It is not in talks with any buyer, and it says it will keep running its plan if no deal comes.[1]
Is my money safe with Metro Bank?
Deposits with UK-authorised banks are protected by the FSCS up to £120,000 per eligible person, per bank. The sale process does not change that.[8]
Who is buying Metro Bank?
Nobody yet. The bank says it has had no approach, and under the formal sale process bidders do not have to be named.[1]
Who owns Metro Bank?
Colombian billionaire Jaime Gilinski holds about 53% after the 2023 rescue. The rest is held by other investors on the London Stock Exchange.[3][5]
How many branches does Metro Bank have?
78 in the UK, which it calls stores.[6][2]
References
- "Announcement of Strategic Review including Commencement of Formal Sale Process". Metro Bank Holdings PLC (RNS via Investegate). November 12, 2026. investegate.co.uk
- Koopman, Saskia. "Metro Bank puts itself up for sale after turnaround". City AM. November 12, 2026. cityam.com
- Williams, Holly. "Metro Bank up for sale after turnaround pays off". The Independent (PA). November 12, 2026. independent.co.uk
- Carrick, Angharad. "Metro Bank puts itself up for sale: who could buy the embattled lender?". This is Money. November 12, 2026. thisismoney.co.uk
- Lyall, Ian. "Metro Bank puts itself up for sale three years after its rescue". The Market Reporter. November 12, 2026. themarketreporter.co.uk
- "Metro Bank Holdings PLC: Third Quarter 2026 Trading Update". Metro Bank Holdings PLC (RNS via Investegate). November 4, 2026. investegate.co.uk
- "Board Update". Metro Bank Holdings PLC (RNS via Investegate). 2026. investegate.co.uk
- "Your savings and current accounts are protected up to £120,000". Financial Services Compensation Scheme. Retrieved November 12, 2026. fscs.org.uk
- "Metro Bank fined £10mln for publishing incorrect information". Proactive. December 12, 2022. proactiveinvestors.co.uk