Metro Bank confirms takeover approach from Carlyle Group, share surge

Metro Bank surged on Thursday after confirming it has received a takeover approach from funds affiliated with US private equity firm the Carlyle Group.

Responding to recent press speculation, the bank said it has engaged with Carlyle in relation to its possible offer and a further announcement will be made as and when appropriate.

"In the meantime, shareholders are advised to take no action," it said.

At 1125 GMT, the shares were up 30% at 133.98p.

Carlyle now has until 2 December to either announce a firm intention to make an offer or walk away.