METRO Bank has said that it is in talks to buy peer-to-peer lender RateSetter for an undisclosed fee.

The bank said: “The company regularly assesses various opportunities in the market and accordingly confirms that it has entered into a period of exclusivity with RateSetter, but discussions regarding the potential acquisition are at an early stage.”

It added: “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.”

No deal is guaranteed and an announcement will be made on the issue, Metro Bank said.