Metro Bank makes flotation plans
Metro Bank is reportedly making plans for its flotation on the London stock market next year.
The Sunday Telegraph said it understood the high-street lender has been in talks with officials at the London Stock Exchange over what are said to be "firm plans" to enter the market.
The bank, which recently opened its 500,000th account, is also said to be looking to appoint investment bankers to help it carry out the IPO in the second half of this year, with the flotation to be completed by mid-2016.
The owner of the loss-making firm, Vernon Hill, who founded the hugely successful Commerce Bank in the US, is hoping to break even by the end of this year.
Metro, which will this week reveal its third-quarter results, was set up as a challenger bank to the main players of the High Street, Barclays, Lloyds, HSBC and Royal Bank of Scotland.
It currently operates out of 34 branches, with another two due to open soon.