Quick Metro Bank UK Stats

Type – Public
Industry – Banking,Financial services
Founded – United Kingdom (2010 (2010))
Founder(s) – Anthony Thomson,Vernon Hill
Headquarters – London, United Kingdom
Key people – Anthony Thomson(Chairman), Vernon Hill(Vice-chairman)

Recent Happenings

Metro Bank was granted a full-service banking licence on 5 March 2010 by the Financial Services Authority (FSA). It was the first high-street bank to be granted such a licence for over 150 years. It opened its first branch in Holborn on 29 July 2010 and is due to open its second in Earl’s Court (Cromwell Road) on 3 September 2010. In July 2010, Metro Bank entered into an agreement with MasterCard to provide MasterCard payment cards to its customers, including issuing Debit MasterCard with its current accounts.

“I have opened 500 similar locations in America,” Vernon Hill, “Britons are dying for revolution in the banking business, focused on service, and we are here to provide it.” one of the bank’s founders, told BBC News.

The bank promises to let people open a full account with debit and credit cards in just 15 minutes and its branches will be open every day, including Sundays, apart from four public holidays a year.

“We believe customers simply want a better experience from their bank, the kind they typically get from a great retailer and that’s what we intend to give them,” said chairman Anthony Thomson.

Metro Bank’s overdraft rate will be a standard 15%, personal loans will be charged at 10%, while annual interest paid on instant access savings will be just 0.5%.

“Although they are offering all these other benefits, such as longer opening hours, one of the main things for people is a competitive interest rate,” said Michelle Slade, of financial information service Moneyfacts.

“If they have not got at least a reasonable rate of interest, people will discount them. They are going to struggle to get market share.”

Vernon Hill, the co-founder of Metro Bank along with chairman Anthony Thomson, hopes to replicate his success in the USA.

During his career there he opened four new banks and grew one, called Commerce Bank, from one branch in 1973 to eventually 500 outlets.

Future Plans

The bank will open 10 more stores in the next two years, and aims to have more than 200 in Greater London within ten years.

Metro Bank hopes to gain customers dissatisfied with their existing banks.