REG-Metro Bank Holdings PLC Conclusion of FCA enquiries

Metro Bank HoldingsAnnouncement

12/11/2024 07:15

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   Metro Bank Holdings PLC (MTRO)
   Conclusion of FCA enquiries

   12-Nov-2024 / 07:00 GMT/BST

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                                       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

    1 IR@metrobank.plc.uk

    

   Metro Bank Holdings PLC Media Relations

   Mona Patel

   +44 (0) 7815 506845

    2 pressoffice@metrobank.plc.uk

    

   Teneo

   Anthony Di Natale / Iain Dey

   +44 (0) 7880 715 975 / +44 (0) 7976 295906

    3 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
    4 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.

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   Dissemination of a Regulatory Announcement that contains inside
   information in accordance with the Market Abuse Regulation (MAR),
   transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   ISIN:           GB00BMX3W479
   Category Code:  MSCH
   TIDM:           MTRO
   LEI Code:       984500CDDEAD6C2EDQ64
   OAM Categories: 2.2. Inside information
   Sequence No.:   358402
   EQS News ID:    2027505


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:IR@metrobank.plc.uk
   2. mailto:pressoffice@metrobank.plc.uk
   3. mailto:Metrobank@teneo.com
   4. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=ac50e6f85dfb73f4fd992d1146c5a526&application_id=2027505&site_id=refinitiv~~~790ea929-3c21-49b8-8ff9-1aed464daef1&application_name=news


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