CHALLENGER BANK FLOATATION IN THE WORKS

UK challenger bank, Metro Bank, is preparing to go public next year and is targeting a float of some £1.7 billion, surprisingly high given industry valuations and its bottom line performance to date. Metro would be at that float level three times book, higher than recent IPOs by OneSavings and Aldermore at just over 2 times book. Metro currently sports a strong brand as a newcomer challenger bank highly regarded for its high level of service and convenient banking hours - it also was one of the first to be given a new banking licence in the post crisis era some five years ago. Congrats and best wishes to Mr Vernon Hill and team who knows a thing or two about creating value in financial services following their experiences in the US market.

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