Metro Bank gets the ball rolling on long-awaited London float
CHALLENGER retail bank Metro Bank, is in talks with advisers as it gears up for a float on the London Stock Exchange that could value it at more than £1bn.
Metro Bank has asked investment bankers to pitch for roles advising on an initial public offering (IPO), according to Sky News. The IPO could come as soon as the first three months of 2016. Metro Bank declined to comment.
A long-awaited IPO would come as the Treasury plans to introduce a new corporation tax surcharge as it phases out the Bank Levy. The tax changes are set to have a disproportionate impact on challenger banks relative to their established rivals. Challenger banks are protesting the tax.