Metro Bank Update: 4th December 2023

December 4, 2023

You will have seen that earlier this week, our shareholders voted through our new capital package, demonstrating their belief in the future of Metro Bank.  The capital raising completed today and we issued an announcement confirming listing of the new shares, which you can find here: RNS

The new capital significantly strengthens the Company’s CET1 and MREL capital ratios, providing the opportunity to grow assets over the coming years and allows Metro Bank to continue to evolve its products and services to meet the banking needs of its customers.

Also contained within today’s announcement is an update to our cost reduction plan, which will enable us to fulfil our potential and accelerate our growth plans to generate sustainable profitability.  We will do this by simplifying our operations and focusing on relationship banking, ensuring our proposition remains closely aligned to our customers’ needs.  This will be complemented by greater investment in automation for service and back-office operations and improving digital channels, particularly for deposits.

The cost reduction plan is expected to result in a 20% headcount reduction but will not impact areas of growth.  In particular, it will not affect the service we provide to our key customers or markets, including the pensions sector where we will do all that we can to maintain our high levels of service and deposit products.

 If you have any queries with regard to your pension account, please contact your usual pension administration team or call us on 0116 326 0183.

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