Metro Bank - Colombian Billionaire decides it is time to sell the business, shares up 15p to 194p - more to come? New SQC TP: 235p.
Mark Watson-Mitchell - 12.11.2026
This morning, it was announced that Metro Bank (LON:MTRO) has put itself up for sale.
Metro Bank has launched a Strategic Review and commenced a Formal Sale Process to solicit interest in the entire issued and to-be-issued ordinary share capital, appointing Morgan Stanley as lead financial adviser.
An offer period has commenced, and the Takeover Panel granted a dispensation allowing confidentiality and pausing the 28‑day Rule 2.6 deadline.
The Board reaffirmed guidance, highlighted record profits for FY2025 and continued growth in current account balances and target lending, and expects >13% RoTE in Q4 2026, >15% in 2027 and >18% in 2028.
There were 673,659,140 ordinary shares outstanding as of last night, 11th November.
The Business
Metro Bank provides corporate, commercial and SME banking and specialist mortgage lending, alongside retail and private banking services.
It offers relationship banking through a network of 78 stores in the UK, telephone banking from UK-based contact centres and digital banking via mobile app and online.
The Company Stated that:
"The Board of Directors of Metro Bank announces it is undertaking a Strategic Review of options for how the Company builds on its strategic delivery to accelerate growth, including commencing a Formal Sale Process (as referred to in Note 2 on Rule 2.6 of the Takeover Code).
Metro Bank has successfully completed a substantial transformation over recent years and enters this next phase with strong operating momentum.
The Board remains highly confident in Metro Bank’s standalone growth prospects and ability to deliver its guidance, which was reaffirmed in its Q3 trading update issued on 4th November 2026.
The Company has a compelling strategic position in the UK banking market, operating with the lowest cost of deposits of any UK high street bank, alongside strong capabilities in the attractive commercial lending sector and a physical presence that meets the needs of its customers.
Metro Bank continues to demonstrate its business and financial momentum, having reported the highest profits in its history for Full Year 2025, alongside continued growth in retail and business current account balances and in target lending segments, whilst maintaining strong credit quality.
As previously communicated, Metro Bank expects to deliver >13% RoTE in Q4 2026, >15% in 2027, and >18% in 2028.
The significant progress made by Metro Bank means it is now well positioned to consider a broader range of strategic opportunities for its next phase of growth.
Against this backdrop, the Board unanimously believes that evaluating potential interest in the Company through an FSP, alongside continuing to execute the standalone plan, will maximise the value creation opportunities available to shareholders and deliver benefits for all stakeholders."
Last Management Comment
Last Wednesday, 4th November, when announcing the group's Third Quarter Trading Update, CEO Daniel Frumkin stated that:
“Metro Bank’s Q3 results show a business that is executing consistently and with conviction.
We are winning market share in our target segments, with loan growth up 37% year-on-year, as we expand relationships with the businesses that drive UK growth.
Our exit NIM of 3.45% is already within our full-year guidance range, demonstrating the quality and pace of the balance sheet rotation we have been delivering.
Credit quality remains strong, our cost of deposits is the lowest of any UK High Street bank, and the active management of our run-off loan portfolio continues to free up capital and liquidity to put to work in our target segments.
The combination of lending growth in higher-yielding segments, structural NIM expansion and a disciplined approach to costs means that the Bank continues to deliver operating leverage.
We enter the final quarter of the year with confidence and clear momentum and reaffirm all guidance.”
The Equity
There are some 673m shares in issue.
Following the 2023 rescue deal, Colombian billionaire Jaime Gilinski Bacal, known for building Latin American banking empires, became the largest and controlling shareholder (52.98%) through his Spaldy Investments vehicle.
Bacal is an experienced banker, real estate developer and philanthropist and has extensive holdings primarily in the banking and real estate sectors in Latin America and the United States.
He invested heavily to become the majority owner when the bank needed capital, solidifying his role as the main backer before joining the board as a non-executive director.
Larger holders include Spruce House Investment Management (10.09%), Wellington Management (5.37%), Davis Selected Advisers (5.32%), Conifer Management (4.98%), Fidelity Management & Research (4.10%), Kernow Asset Management Ltd.
(2.89%), Artisan Partners (1.41%), Caius Capital LLP
(1.29%), Royal Bank of Canada (Channel Islands) (1.22%) and Daniel Frumkin (1.21%).
My View
At the start of June this year, I commented that the group’s shares, then 171.40p, had performed very well to date, but wondered whether that pace would continue.
"It could well pay investors to ‘top-up’ holdings if there is a profit-taking run following the recent upward push.
However, an early push through the 200p price barrier can be anticipated."
I now consider that the shares could well go rapidly above that 200p level, heading to trade in the 225p/250p price range in anticipation of an agreed bid at a very much higher price.
(Profile 02.03.26 @ 122p set a Target Price at 140p*)
(Profile 01.06.26 @ 171.40p set a Target Price of 200p)
(Profile 12.11.26 @194p set a Target Price of 235p)
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