Metro Bank, the newest high street bank in more than 100 years, is broadening its offering to business customers through the acquisition of SME Invoice Finance Limited ("SME"), which specialises in invoice discounting and factoring and cash-flow funding for businesses.
SME and its subsidiaries will become wholly owned by Metro Bank. The acquisition will see Metro Bank's business customers benefit from the addition of invoice and asset financing to suit their individual business needs. Initially, 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. Our 2013 half year results demonstrate our dedication to lending to business customers and we're glad to be able to bring this additional offering to them."
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."
At Metro Bank, local bankers serve local customers. The Bank offers a bespoke business banking service including a full range of lending and cash management solutions for businesses of all sizes, and currently has 19 stores across London and the South East.