The FINANCIAL -- London Stock Exchange on March 10 welcomes Metro Bank, Britain’s first new High Street bank in over 100 years, to the Main Market. The company was valued at £1.6 billion at listing.
To celebrate the occasion, Craig Donaldson, CEO and Vernon Hill, Founder & Chairman, Metro Bank, (as well as Mr Hill’s dog, Sir Duffield), were hosted by Xavier Rolet, CEO, London Stock Exchange Group to open trading this morning at London Stock Exchange.
Metro Bank joins five challenger banks that have listed in London since 2014, worth £5.8 billion. In 2016, London Stock Exchange welcomed new banking entrant, CYBG, Clydesdale and Yorkshire Banking Group, to its markets, with a valuation of £1.6 billion. There are currently 53 banks listed on London Stock Exchange, with a combined market capitalisation close to £672 billion, according to London Stock Exchange.
Metro Bank is also amongst a handful of companies that have been included three years in a row in London Stock Exchange’s 1000 Companies to Inspire Britain report, which identifies the UK’s fastest growing small and medium sized enterprises.
Shares opened on Thursday 10 March, the first day of unconditional dealing, almost 10 per cent up from their placement price.
Xavier Rolet, CEO, LSEG said:
“Welcoming Metro Bank today is a cause for celebration not only for the company, but for the creation of a more diversified funding ladder to support businesses and services across the UK.
“London Stock Exchange is committed to working hand-in-hand with a host of innovative financing partners from challenger banks to crowdfunding platforms to establish a comprehensive funding ladder in the UK. This will allow companies throughout the country to access appropriate growth financing, in turn stimulating job creation and wider economic prosperity.”
Craig Donaldson, CEO, Metro Bank said:
“Today, we have realised an ambition to float Metro Bank on London Stock Exchange. But this is just the beginning. This listing, and the access to capital it brings, will power the next stage in Metro Bank’s remarkable growth story. Our first branch opened just down the road at Holborn less than six years ago. Today we have 40 stores, 700,000 customer accounts, and over £6 billion in deposits. We’ve also created 2,000 jobs and have thousands more planned. This city is our home, and it’s an amazing place to start and grow a business.”