Wise Forges Ahead With Push Into US Despite Soaring Expenses

Wise Plc is forging ahead with its plan to become a national trust bank and dually list its shares in the US even as the efforts crimp profits and the company faces push back from traditional lenders.

Administrative expenses soared 27% to £466 million in the six months ending in September, Wise said in a statement Thursday. That included £11.5 million in expenses related to its dual-listing project, the company said.