June 14, 2020 / 8:56 PM / 2 months ago

Metro Bank in talks to buy peer-to-peer lender RateSetter - Sky News

FILE PHOTO: Signage is seen outside of a Metro Bank in London, Britain, May 22, 2019. REUTERS/Hannah McKay

(Reuters) - Britain’s Metro Bank Plc (MTRO.L) is in advanced talks to buy RateSetter, one of UK’s biggest peer-to-peer lenders, Sky News reported on Sunday.

The price Metro Bank would pay for RateSetter is unclear and there is no guarantee that the talks between the two firms would lead to a transaction, Sky News said. (bit.ly/2MTMP2C)

A Metro Bank spokesperson said the company would not comment on rumour or speculation, while RateSetter said it had no comment on the report.

Sky News reported in March that RateSetter was working with bankers on a potential sale or a merger amid a funding squeeze exacerbated by the COVID-19 pandemic.

RateSetter was launched in the UK in 2010. Peer-to-peer platforms bring together individual borrowers and lenders without a bank being involved.

Reporting by Bhargav Acharya and Anurag Maan in Bengaluru; Editing by Diane Craft

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