Metro Bank has revealed it is to open two branches in London by April. One of several start up banks in the UK, Metro will open Branches in Earl's Court and Holborn, and intends to focus only on the Greater London area. Ambitious plans are afoot to have 200 high street branches in London by 2020, though before any of this materialises, the bank must receive its banking license from the Financial Services Authority (FSA).
Despite not yet receiving a license, the bank has already appointed a number of experienced City figures to its board, including former head of life and pensions at Friends Provident, Ben Gunn; former Conservative Party deputy chairman and director of Panmure Gordon, Howard Flight; and former head of retail banking at Royal Bank of Scotland, Craig Donaldson. The knowledge and client base of the newly appointed Anthony Thomson, former chairman of the FSA, should ensure the bank receives its license from the FSA.
With other start ups such as Virgin Bank and Tesco Bank to compete with, consumers will be hoping that to see competition between the banks drive down interest rates on savings accounts, loans and credit cards .
Metro Bank Hopes for London Impact
Financial Services > e-banking > Banking news
Metro Bank Hopes for London Impact
Wed, 24 Feb 2010
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