Metro Bank PLC Fitch Rating Review
30 September 2019
Legal Entity Identifier: 213800X5WU57YL9GPK89
Metro Bank PLC Fitch Rating Review
Metro Bank PLC notes Fitch Rating Limited's revised credit rating for Metro Bank, published today.
Fitch revised Metro Bank's Long-Term Issuer Default Rating to "BB" from "BB+".
Metro Bank had a pro forma CET1 ratio of 16.1% at 30 June 2019, that greatly exceeds its 10.6% minimum regulatory requirement. Its pro forma total capital ratio was 18.8% at the end of H1 2019. The bank is also highly liquid, reporting a liquidity coverage ratio of 163% at 30 June 2019.
Metro Bank remains focused on balancing its growth, profitability and capital efficiency, delivered through managing the pace of the cost of growth, driving fee income and rebalancing its lending mix. The bank is confident it will meet its MREL requirement as at 1 January 2020, with a number of different options available to it.
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 and was authorised for release by David Arden, Chief Financial Officer.
For further information on this announcement, please contact:
Metro Bank PLC
+44 (0)20 3402 8900
Charlotte Sjoberg / Tina Coates
+44 (0)7970 633255 / +44 (0)7811 246016
Charles Armitstead / Haya Herbert-Burns
+44 (0) 7703 330269 / +44 (0) 7342 031051
About Metro Bank
Metro Bank is the revolution in British banking. It is celebrated for its exceptional customer experience and achieved the top spot in the Competition and Market Authority's Service Quality Survey among personal current account holders for its overall service and came second among business current account holders in August 2019. It was also awarded 'Best All Round Personal Finance Provider' at the Moneynet Personal Finance Awards 2019. It is also recognised by Glassdoor in its 'Best Place to Work UK 2019' top 50 list.
Offering retail, business, commercial and private banking services, it prides itself on using technology to give customers the choice to bank however, whenever and wherever they choose. Whether that's through its growing network of stores open seven days a week, from early in the morning to late at night, 362 days a year; on the phone through its UK-based 24/7 contact centres manned by people not machines; or online through its internet banking or award-winning mobile app: the bank offers customers real choice.
The bank employs around 3,900 colleagues and is headquartered in Holborn, London.
Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA. 'Metrobank' is the registered trade mark of Metro Bank PLC.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Most relevant 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 PLC 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
Quick facts: Metro Bank
Market Cap: £302.68 m
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