Metro Bank buys peer-to-peer lender RateSetter

Credit: REUTERS/Hannah Mckay

Metro Bank has agreed to buy peer-to-peer lender RateSetter for an initial payment of 2.5 million pounds ($3.27 million), it said on Monday.

LONDON, Aug 3 (Reuters) - Metro Bank has agreed to buy peer-to-peer lender RateSetter for an initial payment of 2.5 million pounds ($3.27 million), it said on Monday.

An additional 500,000 pounds will be paid 12 months after completion subject to the satisfaction of certain criteria and up to 9 million pounds on the third anniversary of completion, subject to performance criteria, Metro said in a statement.

($1 = 0.7651 pounds)

(Reporting by Carolyn Cohn Editing by Rachel Armstrong)

((carolyn.cohn@thomsonreuters.com; 44 207 542 6320; Reuters Messaging: carolyn.cohn.thomsonreuters.com@reuters.net))

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