Metro Bank PLC is broadening its offering to business customers through the acquisition of SME Invoice Finance Limited (SME), which specializes in invoice discounting and factoring and cash-flow funding for businesses. Financial details have not been disclosed.
SME will continue to trade in its own right as a specialist operation under the Metro Bank umbrella, and all SME customers will continue to be serviced directly.
Jason Oakley, Managing Director of Commercial Banking at Metro Bank, comments: "As the entrepreneurs' bank, we've listened to what our customers want and are pleased to be able to make this announcement today. The acquisition of SME is an excellent opportunity for us to provide extended financing options to our business customers, and make the business banking experience even more convenient. SME is a very strong cultural match for Metro Bank, with a strong focus on the customer, quality of service, and a core set of values similar to our own."
David Hogg, Managing Director of SME Invoice Finance said: "We are absolutely delighted to join Metro Bank, and together we will provide the best possible environment for the continued growth, development and prosperity of all our clients, staff and business partners. We share the same passion and commitment for service excellence as our new parent and we are excited by the opportunity that we now have to deliver a comprehensive range of business finance solutions to the owner managed community under the Metro Bank umbrella."
Oaklins Cavendish, based in the UK, advised the seller in this transaction.
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