February 26, 2020 / 7:24 AM / in a month

BRIEF-Metro Bank hands back 42% of Banking Competition Remedies cash

Feb 26 (Reuters) - Metro Bank PLC:

* ANNOUNCES APPROVED CHANGES TO ITS CAPABILITY & INNOVATION FUNDING FROM BCR LTD AND ASSOCIATED PUBLIC COMMITMENTS.

* METRO BANK’S REVISED BUSINESS CASE, SUBMITTED TO AND APPROVED BY BCR, HAS ALIGNED BANK’S COMMITMENTS WITH ITS NEW STRATEGY, ALSO ANNOUNCED TODAY. METRO BANK WILL RETURN £50M OF ORIGINAL £120M IT WAS AWARDED LAST YEAR AS PART OF CAPABILITY & INNOVATION FUND POOL A AWARD.

* METRO BANK WILL OPEN A TOTAL OF 15 RATHER THAN 30 STORES IN NORTH OF ENGLAND BY 2025

* WILL CONTINUE TO SPEND £2 OF ITS OWN FUNDS FOR EVERY POUND IT RECEIVES FROM CAPABILITY & INNOVATION FUND

* METRO BANK WILL STEP AWAY FROM MORE NICHE SME PROPOSITIONS THAT BENEFIT A SMALLER GROUP OF SMES, INCLUDING SECURED LENDING TRANSFORMATION, VIRTUAL ACCOUNTS AND POOLING Source text for Eikon: Further company coverage: (Reporting By Sinead Cruise)

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