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Challenger bank Metro Bank confirmed press speculation that it was in talks to potentially acquire UK focused peer-to-peer lender Retail Money Market, which trades as RateSetter.
Metro Bank said RateSetter's distribution platform could accelerate its stated strategy to grow its unsecured consumer lending book.
'The company regularly assesses various opportunities in the market and accordingly confirms that it has entered in to a period of exclusivity with RateSetter, but discussions regarding the potential acquisition are at an early stage,' it said.