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Metro Bank buys peer-to-peer lender RateSetter

Reuters
People walk past a Metro Bank in London

LONDON (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.

(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)