Since listing on the main market a year ago, shares in Metro Bank (MTRO) have enjoyed a stellar performance. Now, some members of the board have decided to bank a chunk of those gains. Chief executive Craig Donaldson sold £2.3m-worth of shares in the challenger bank, while executive director Mike Brierley netted himself more than £500,000.
Both previously exercised 3,333 share options in the bank, which were sold at a price of £35.87 each. Metro Bank's branch-driven growth strategy has continued to find favour with investors, sending the shares up by more than half since listing last March. Eight new branches opened in 2016, taking its network total to 48. Management is aiming for 110 branches by 2020. Despite rapid loan book growth, the cost of opening new sites meant the bank made a pre-tax loss in 2016, although this was lower than the previous year's figure.