Metro Bank PLC Mortgage Portfolio Acquisition (9351G)
02 June 2017 - 4:00PM
UK Regulatory
TIDMMTRO
RNS Number : 9351G
Metro Bank PLC
02 June 2017
2 June 2017
METRO BANK PLC
MORTGAGE PORTFOLIO ACQUISITION
Metro Bank plc announces that it has completed the purchase of a
portfolio of UK mortgages (the "Portfolio") from Cerberus European
Residential Holdings B.V. for GBP 596.7m
All lending in the Portfolio is secured on property, well
diversified across the UK, and has a similar credit risk profile to
Metro Bank's current mortgage book.
The Portfolio consists of approximately 92% buy to let
mortgages, with the remainder being owner occupied. The Portfolio
has a weighted average seasoning of c.10 years and the weighted
average loan to value is c.70%, with a current expected pay rate of
c.1.6% principally linked to the Bank of England base rate.
The consideration of GBP596.7m represents the value at which the
acquired mortgages will be taken on to the Bank's balance sheet and
is being financed using cash from existing resources. The Portfolio
is being acquired at a discount to par.
Craig Donaldson, CEO, said: "Our lending and deposit growth has
gone from strength to strength and the acquisition of this
high-quality loan Portfolio supports our high-growth, organic
business model as we track ever closer to our 2020 guidance. In
particular the acquisition increases the Loan to Deposit ratio to
c.78% (2020 guidance c.80%). The Portfolio complements our existing
mortgage book and demonstrates our willingness and ability, helped
by our strong deposit growth, to take advantage of opportunities as
they arise."
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 ("MAR") and was
authorised for release by Michael Brierley, Chief Financial
Officer.
-Ends-
For more information, please contact:
Metro Bank PLC Investor Relations
Jo Roberts
+44 (0) 20 3402 8900
IR@metrobank.plc.uk
Tulchan Communications
Martin Pengelley/ Latika Shah
+44(0)20 7353 4200
metrobank@tulchangroup.com
About Metro Bank
Metro Bank operates retail hours, not banking hours. It is open
seven days a week (8am- 8pm Monday to Friday, 8am - 6pm Saturday,
11am - 5pm Sunday and bank holidays), every day of the year apart
from Easter Sunday, Christmas Day and New Year's Day.
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.
We're 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 company news service from the London Stock Exchange
END
ACQLLFLDRRILIID
(END) Dow Jones Newswires
June 02, 2017 02:00 ET (06:00 GMT)
Metro Bank (LSE:MTRO)
Historical Stock Chart
From Apr 2024 to May 2024
Metro Bank (LSE:MTRO)
Historical Stock Chart
From May 2023 to May 2024