Metro Bank puts itself up for sale after profitable turnaround

Summarised from 6 outlets · 8 reports · Updated 12 Nov, 12:58 · Archive

Metro Bank has launched a formal sale process after achieving its most profitable half-year in history. The 78-branch high street lender reported pre-tax profits of £61 million for the six months to June, a 41 per cent increase on the previous year, and returned to overall surplus in 2025 with an £87.2 million profit after losses of £212.1 million in 2024.

The bank said it had 'successfully completed a substantial transformation' in recent years and now wished to evaluate strategic options to 'build on its strategic delivery to accelerate growth'. Its board unanimously believes that a formal sale process will 'maximise the value creation opportunities available to shareholders and deliver benefits for all stakeholders'.

The turnaround has involved a significant shift in Metro Bank's strategy. The lender moved away from mainstream lending to focus on a more 'underserved market' and undertook drastic cost cuts, including three redundancy rounds over three years and ending its flagship seven-day-a-week branch opening policy. This restructuring followed a near-collapse in 2023 that prompted an emergency £925 million rescue deal.

Metro Bank said it is not currently in active discussions with any potential buyers but has invited interested parties to contact adviser Morgan Stanley to express interest. If the formal sale process does not lead to a transaction, the company said it will continue to execute its existing strategy.

The Guardian reports that the sale could provide a substantial exit for Colombian billionaire Jaime Gilinski Bacal, who owns a 53 per cent stake through his British Virgin Island-based vehicle Spaldy Investments. He secured this stake during the 2023 rescue, paying 30p per share. At Thursday's share price of 190p, his holding could be worth approximately £427 million, representing a sixfold increase in value. Gilinski Bacal, worth about $16.9 billion according to Forbes, is one of Latin America's wealthiest individuals and has built his fortune by acquiring distressed lenders and selling them after restructuring.

The announcement pushed Metro Bank's share price up 7 per cent by mid-morning on Thursday, valuing the bank at around £1.3 billion. Metro was founded in 2010 and was the first high street bank to launch in Britain in over 150 years. It now serves nearly three million customers.

How it is being reported

• High street bank with nearly 3,000,000 customers puts itself up for saleMetro Bank is looking for bidders after completing a successful turnaround in a major restructuring (Picture: Bloomberg) A major high street bank has announced it has put itself up for sale as it launches a strategic review with the aim of increasing growth. Metro Bank, which has 78 branches…Metro · 12 Nov, 12:49
• Metro Bank up for sale, with billionaire investor in line for £420m windfallShares up 7% after announcement as Jaime Gilinski Bacal seeks exit three years after helping to rescue bank Metro Bank is putting itself up for sale three years after its near-collapse, in a move that could hand a £420m windfall to its Colombian billionaire investor, Jaime Gilinski Bacal. Metro Bank made the rare decision to publicly announce it was open to bids on Thursday, paving the way for a wider pool of suitors. The announcement pushed the share price up by 7% by mid-morning, valuing the bank at around £1.3bn. Continue reading...The Guardian · 12 Nov, 12:43
• Metro Bank puts itself up for sale for ‘next phase of growth’The high street lender has 78 branches across the UKIndependent Business · 12 Nov, 09:33
• Metro Bank puts itself up for sale - who could buy the embattled lender?The bank, which has 78 branches across the UK, is looking at a possible sale after a three-year turnaround plan.This is Money · 12 Nov, 09:14
• Metro Bank up for sale after turnaround pays offThe high street lender – which has 78 branches across the UK – recently notched up the most profitable half-year in its history.Independent Business · 12 Nov, 08:08
• Metro Bank up for sale after turnaround pays offThe high street lender – which has 78 branches across the UK – recently notched up the most profitable half-year in its history.Evening Standard · 12 Nov, 08:08
• Metro Bank puts itself up for sale after turnaroundMetro Bank has put itself up for sale as the high street lender explores potential takeover offers following a turnaround of the business in recent years. The London-listed bank announced on Thursday that it had launched a formal sale process as part of a wider strategic review aimed at accelerating growth and maximising returns for [...]City AM · 12 Nov, 07:49
• Metro Bank up for sale after turnaround pays offThe high street lender – which has 78 branches across the UK – recently notched up the most profitable half-year in its history.Independent Business · 12 Nov, 07:45

In this story: Metro Bank · Jaime Gilinski Bacal · Morgan Stanley · UK

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