The initial public offering (IPO) has created 2,000 jobs so far, with thousands more planned by the bank. Metro Bank’s IPO follows private capital raising by investors last week when they raised £400m in new funding to support the lender’s growth plans.
In February it was reported that senior staff members at Metro Bank were to receive a pay out of £21.7m when the lender started trading on the London Stock Exchange.
Shares in Metro Bank have been priced at £20 per share, with just under 8% of shares distributed between its chairman Vernon Hill, CEO Craig Donaldson, CFO Michael Brierley and directors which sit on the bank’s board.
The bank has recorded £6bn growth in its deposits since it launched five years ago and saw total lending across all divisions double to £3.5bn in 2015. Metro said it plans to open a further nine branches in 2016.
Donaldson said: “Building the bank from the ground up has given us some great advantages. We have connected with local communities and driven our customer numbers and deposits by placing attractive stores in the right locations. We have also been able to create a new bank with the right values, superior service levels and state-of-the art IT infrastructure. The funds we have raised will power the next phase in Metro Bank’s growth across our multi-channel offering.”