Metro Bank is set to open its first branches in the UK by April,
with plans to open another two branches later this year and a
further eight in 2011, all located in the London area.
Metro has reportedly raised around £75 million of capital from
institutional investors but has had to delay its launch pending
approval of its banking licence application from UK regulator the
Financial Services Agency.
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That process has taken just over one year but with the
application set to be granted, Metro is ready to open for
business.
The bank will offer current accounts, savings and loans to its
retail customers.
Last year, Metro founder Vernon Hill told RBI the bank would
rely on organic growth and not seek to merge its way to prosperity.
He said it would seek to differentiate itself in the UK market by
offering superior service and convenience with branches open seven
days a week (see RBI 603).
Metro will open from 8 am to 8 pm six days a week, and from 11am
to 4pm on Sundays.
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