Santander, the UK’s fifth largest retail bank, has engaged Robey Warshaw, where former Chancellor George Osborne is a partner, to put together a potential offer for Metro Bank, according to Sky News.
The likes of Natwest, Lloyds Banking Group and fellow challenger bank Shawbrook have all been linked with a move for the lender.
It has been widely reported that the Prudential Regulation Authority has been seeking a buyer for the bank over the weekend, preferably before the London stock market opens on Monday 9th October.
Metro Bank is also understood to have been in discussions with bond and shareholders about raising cash to shore up its balance sheet.
JPMorgan Chase had also been understood to have been approached, according to The Financial Times, but has decided against making an offer through its Chase UK subsidiary.
Sky News reports that city sources have said that there is no certainty of an offer for the bank based on the short timescale and inability to carry out proper due diligence.
During the financial crisis Santander stepped in to take over both Bradford & Bingley and Alliance & Leicester when both faced the prospect of nationalisation.
Despite widespread speculation, it remains unclear if any fellow banks will make a move for Metro.
However, it has been reported that Shawbrook could also be eyeing up another move whilst also eyeing up fellow High Street lender Co-op Bank.
