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Metro Bank acquires loan portfolio for up to £384m
StockMarketWire.com
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Challenger bank Metro Bank said it had acquired a portfolio of loans from peer-to-peer Retail Money Market, or RateSetter, investors for up to £384 million.
The exact amount as expected to be less as the portfolio would continue to amortise between announcement and expected completion in April, the company said.
The portfolio had an aggregate book value of £384 million as at 29 January, with an average total gross yield of around 8%.
It consisted primarily of unsecured consumer loans and was amortising rapidly, with an average weighted loan term of two years remaining.
'The addition of this portfolio to our loan book is a further step towards growing our presence in the unsecured lending market,' chief executive Daniel Frumkin said.
'It builds on our acquisition of the RateSetter platform - a well-established business with a strong technology platform that is enabling us to rapidly expand our unsecured lending offering.'
'We continue to deliver against Metro Bank's strategic priority of optimising our balance sheet and asset mix, whilst positioning ourselves to better serve customer needs as the UK's best community bank.'
At 9:19am: (LON:MTRO) Metro Bank PLC share price was 0p at 86.64p
Story provided by StockMarketWire.com
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