Sunday Times – 10th June 2012
Metro Bank is aiming for a money-spinning float within two years after the upstart high street lender secured £125m in new funding.
Craig Donaldson, chief executive, will brave the public markets once Metro has created a stronghold in the southeast of England. “We plan to do an IPO [initial public offering] but it won’t be before 2014,” Donaldson told The Sunday Times.
The lender, which launched two years ago with the backing of American tycoon Vernon Hill, pictured above, has raised a further £126m to fund its assault on the UK, where it already has 12 branches.
Existing investors have stumped up more cash, including Fidelity, the funds giant, and David and Simon Reuben, the billionaire property developers. Other investors have also been brought in, including Steve Cohen, an American financial mogul thought to be worth more than $8 billion (£5 billion), and Moore Capital, one of the world’s largest hedge funds.