June 14, 2020 / 8:54 PM / a month ago

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

June 14 (Reuters) - Britain’s Metro Bank Plc 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. RateSetter did not immediately respond to Reuters’ request for comment.

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 in Bengaluru; Editing by Diane Craft)

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