Metro Bank Holdings PLC (LSE: MTRO
LN)
12 November 2024
Metro Bank
Holdings PLC
Legal Entity
Identifier: 984500CDDEAD6C2EDQ64
THIS ANNOUNCEMENT
CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK
VERSION OF REGULATION (EU) NO. 596/2014 ON MARKET ABUSE, AS IT
FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018.
FOR IMMEDIATE
RELEASE
Conclusion of FCA
enquiries
Metro Bank PLC (the “Company") has
resolved the FCA’s enquiries into transaction monitoring systems
and controls that began in 2016 and were remediated by 2020. Since
then, the Company has resolved transaction monitoring system
failings and made transaction monitoring enhancements.
The FCA’s enquiries have concluded,
resulting in the imposition of a financial penalty of approximately
£16.7 million relating to historic deficiencies in the Company’s
transaction monitoring systems and controls. The Company has
engaged and co-operated fully with the FCA’s enquiries and accepts
the findings.
Daniel Frumkin, Chief
Executive Officer of Metro Bank, said:
“The conclusion
of these enquiries draws a line under this legacy issue, allowing
the bank to move forward and fully focus on the future, building on
the solid foundations it has already laid. We are continuing, at
pace, our shift towards higher yielding specialist mortgages and
commercial, corporate and SME lending with a strong pipeline of
business.”
“In line with
the upgraded guidance provided at half year results, we have today
also announced a return to underlying profitability in October,
reflecting the significant progress made in delivering on the
bank’s strategic priorities. Our relationship-led banking model
will allow Metro Bank to go from strength to strength as we forge
ahead with our growth agenda and progress towards long term
sustainable profitability.”
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 (which forms part of UK law pursuant to the European
Union (Withdrawal) Act 2018) and was authorised for release by
Clare Gilligan, Company Secretary.
ENDS
Enquiries
For more information, please
contact:
Metro Bank
Holdings PLC Investor Relations
Paul Beaumont / Stella
Gavaletakis
+44 (0) 20 3402 8900
IR@metrobank.plc.uk
Metro Bank
Holdings PLC Media Relations
Mona Patel
+44 (0) 7815 506845
pressoffice@metrobank.plc.uk
Teneo
Anthony Di Natale / Iain
Dey
+44 (0) 7880 715 975 / +44 (0) 7976
295906
Metrobank@teneo.com
About Metro
Bank
Metro Bank is celebrated for its
exceptional customer experience. It was named as the best bank for
service in-store for business customers in the Competition and
Markets Authority’s Service Quality Survey in August
2024.
Since 2012, Metro Bank has
originated and approved just over £10bn in commercial
lending.
The community bank offers retail,
business, commercial and private banking services, and prides
itself on giving customers the choice to bank however, whenever and
wherever they choose, and supporting the customers and communities
it serves. Whether that’s through its network of 75 stores; on the
phone through its UK-based contact centres; or online through its
internet banking or award-winning mobile app, the bank offers
customers real choice.
Metro Bank is a multi award winning
organisation.
The Bank has also been
awarded “Large Loans Mortgage Lender of the Year”, 2024 and
2023 Mortgage Awards, accredited as
a top ten Most Loved Workplace 2023, “2023 Best Lender of
the Year – UK” in the M&A Today, Global Awards, the “Inclusive Culture Initiative Award” in
the 2023 Inclusive Awards, “Diversity, Equity &
Inclusion Award” and “Leader of the Year Award 2023” at the Top 1%
Workplace Awards, “Best
Women Mortgage Leaders in the UK” from Elite Women 2023, “Diversity Lead of the Year”, 2023
Women in Finance, Best Large Loan
Lender, 2023 Mortgage Strategy Awards, “Best Business Credit
Card”, Forbes Advisor Best of 2023 Awards, “Best Business Credit Card”, 2023
Moneynet Personal Finance Awards.
Metro Bank Holdings PLC (registered
in England and Wales with company number 14387040, registered
office: One Southampton Row, London, WC1B 5HA) is the listed entity
and holding company of Metro Bank PLC.
Metro Bank PLC
(registered in England and Wales with company number 6419578,
registered office: One Southampton Row, London, WC1B 5HA) is
authorised by the Prudential Regulation Authority and regulated by
the Financial Conduct Authority and Prudential Regulation
Authority. ‘Metrobank’ is a registered trademark of Metro Bank
PLC. Eligible deposits are protected
by the Financial Services Compensation Scheme. For further
information about the Scheme refer to the FSCS website
www.fscs.org.uk. All
Metro Bank products are subject to status and approval.
Metro Bank is an independent UK
bank – it is not affiliated with any other bank or organisation
(including the METRO newspaper or its publishers) anywhere in the
world. Please refer to Metro Bank using the full name.
