Metro Bank granted banking licence

Metro Bank is to become the first new full service high street bank for more than 100 years after being granted a banking licence by the Financial Services Authority.

The first two Metro Bank “stores” will open later this year in Holborn and South Kensington in London. The next two will be in Fulham Broadway, London and Borehamwood, Hertfordshire. 

The bank says it intends to build a network of more than 200 stores in Greater London over the next ten years.

Metro Bank is currently using the strapline “love your bank” and will distinguish itself from its high-street rivals by opening longer and on weekends, as well as on the quality of its customer service.

It was set up by Financial Services Forum chief executive Anthony Thomson, who has been named chairman, and Commerce Bank founder Vernon Hill, who will be vice-chair. Both Thomson and Hill will be non-executive directors.

Craig Donaldson, former managing director of retail banking at Royal Bank of Scotland will be the bank’s chief executive officer, while Paul Marriott-Clarke, will be the managing director of retail banking.

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