Metro Bank to open new branches across the South East
Published: 10th Jun 2012 12:11:54
Metro Bank, which first opened in London in 2010, plans to expand its business across the South East with another seven branches.
New branches are planned for Brighton, Reading, Hemel Hempstead, Romford, Staines and Epsom.
Its expansion marks another sign of increasing banking competition after Marks & Spencer said last week it would begin offering bank accounts in its stores.
Metro Bank first opened in 2010.
It became the first High Street challenger to the established banks in 100 years.
Tesco is also planning to launch its own current account next year. It already has 6.5 million customers for its existing financial services.
Metro Bank said it has raised £126m to fund its growth from new and existing institutional and personal investors.
The bank remains a minnow compared to the big four, Barclays, HSBC, Lloyds and RBS, with just 80,000 customers.
The others number accounts in the millions.
It distinguishes itself from the competition by staying open far longer than its rivals, with service in stores available on weekdays from 08:00 to 20:00 and at the weekends for six hours a day.
Once the expansion plan is complete Metro will have 700 employees.
The government is keen to see a wider range of businesses offering banking services.
It set up the Vickers Commission on Banking, which recommended that steps should be taken to make it simpler to switch bank accounts.
A number of retailers and supermarkets offer credit cards, loans and savings products.
At 06:39:13 in HeadlinesSunday's papers are full of discussions about jihadists - their actions; their appeal to a small, alienated sector of young Muslims, and the security threat to Britain they pose.
At 05:52:13 in EnglandE-cigarette liquid bought on Tyneside contained a potentially harmful chemical, a BBC investigation found.
At 05:17:46 in PoliticsThe Archbishop of York has urged the government to do more to offer asylum to Christians and others being persecuted by Islamic State terrorists.
At 04:54:36 in HeadlinesClashes are continuing in Pakistan between police and protesters demanding the resignation of PM Nawaz Shairf.
At 04:53:32 in HeadlinesA dictionary has finally been completed after more than a century of accumulating entries.
At 04:45:39 in HeadlinesHolyrood and Westminster are sharply at odds when it comes to whether an independent Scotland could keep using the pound sterling. If the monetary union between Scotland and the rest of the UK ended, what impact would it have on the rest of the UK?
At 04:13:45 in HeadlinesThe art of artificial eye-making is brought to radio and the stage in a new darkly comic play.
At 04:11:13 in HeadlinesIt is an iconic image, encapsulating the horror of the Troubles. Father Alec Reid kneels in a Belfast car park as he administers the last rites over the bloodied, near naked body of a British soldier.
At 03:33:48 in EntertainmentBritish bassist Glenn Cornick, a founding member of British rock band Jethro Tull, has died aged 67.
At 03:14:46 in HealthHealth leaders are calling for an emergency taskforce to be set up to tackle childhood obesity in England.
Harvard CitationBBC News, 2012. Metro Bank to open new branches across the South East [Online] (Updated 10th Jun 2012)
Available at: http://www.ukwirednews.com/news/1433714/Metro-Bank-to-open-new-branches-across-the-South-East [Accessed 31st Aug 2014]
News In Other Categories
Clashes are continuing in Pakistan between police and protesters demanding the resignation of PM Nawaz Shairf.
Health leaders are calling for an emergency taskforce to be set up to tackle childhood obesity in England.
Members of the troubled Co-operative Group are due to meet for a final vote on reforming how the business is run.
A solicitor who represented one of the RUC families at the Smithwick Tribunal is concerned other potential cases of collusion may have occurred recently.
British bassist Glenn Cornick, a founding member of British rock band Jethro Tull, has died aged 67.
E-cigarette liquid bought on Tyneside contained a potentially harmful chemical, a BBC investigation found.