Metro Bank’s founder Anthony Thomson is reportedly planning to establish a new digital banking firm Atom, as part of a strategy to tap the growing digital banking market.

Sources familiar with the development were quoted by Sky News as saying that Thomson has appointed the chief executive of First Direct to manage the new bank, which is expected to start operations by 2015.

Thomson was preparing to submit the license applications to the Financial Conduct Authority and the Prudential Regulation Authority.

It is believed that an announcement about the launch of Atom could be made as soon.

The bank, which will not operate any physical branches, is expected to boost competition in the digital banking sector.

The bank product and services including current and savings accounts, as well as loan products, will be mainly aimed at personal and small business customers, and could only be accessible through internet and digital apps.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Atom, which will be headquartered in northeast England, did not reveal about its external financing sources.