Metro Bank in 'early stage' talks on buying peer-to-peer lender RateSetter as it seeks to move on from a tough couple of years

The announcement, which follows a weekend report by Sky News, is expected to surprise some in the City who had thought new chief executive Dan Frumkin would focus on the bank's core strategy after a difficult couple of years.    'RateSetter is a UK focused peer-to-peer lender whose distribution platform could accelerate the Company's stated strategy to grow its unsecured consumer lending book,' Metro Bank said in a statement today. '  The coronavirus pandemic has dented the sector as the Government's various lending schemes - with rock-bottom interest rates - have turned anyone looking for cash in other directions.