Metro Bank Launches Sale Process After Turnaround Success

Metro Bank Up for Sale After Profit Surge

Metro Bank announced it is up for sale after a successful turnaround. Pre-tax profits rose by 41% to £61 million for the first half of 2026. The London-based lender, which has 78 branches across the UK, made the announcement on Thursday. This move is part of a strategic review aimed at accelerating growth. The bank's share price increased by 7% to about 190p, giving it a market valuation of around £1.3 billion.

The sale could bring a £427 million windfall for Colombian billionaire Jaime Gilinski Bacal. He holds a 53% stake in the bank. Gilinski Bacal acquired his shares for just 30p each during a £925 million rescue deal in 2023. He has seen the value of his investment increase sixfold since then. The billionaire is known for turning around struggling lenders and selling them for profit.

Metro Bank has shifted its focus from mainstream lending to underserved markets. This change is part of its transformation strategy that began after its near-collapse in 2023. The bank has also cut costs by reducing its workforce by over 1,000 employees. It has ended its seven-day opening hours, which was a key part of its customer-friendly approach. Despite these changes, the bank stated it is not in active talks with potential buyers. It is inviting interested parties to contact its advisers at Morgan Stanley.

Metro Bank's board believes that looking at sale opportunities alongside its standalone strategy will maximize value for shareholders. The bank returned to profitability in 2025, reporting an £87.2 million surplus after significant losses in the previous year.

Related coverage: Poundland Secures £10 Million Funding to Avoid Collapse, WH Smith Reports 28% Profit Drop Amid Turnaround Efforts.

Based on reporting by: theguardian.com, standard.co.uk