Metro Bank (United Kingdom)
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| Public limited company | |
| Traded as | : |
| Industry |
Banking Financial services |
| Founded | 2010 |
| Founder | Vernon Hill |
| Headquarters | London, United Kingdom |
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Number of locations
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48 Stores |
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Key people
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Vernon Hill (Chairman) Craig Donaldson (Chief Executive Officer) |
| Products | Credit Cards, Consumer Banking, Corporate Banking |
| Revenue | £120.2 million (2015) |
| £(56.8) million (2015) | |
| £(49.2) million (2015) | |
| Website | MetroBankOnline |
Metro Bank PLC is a retail bank operating in the United Kingdom, founded by Vernon Hill in 2010. At its launch it was the first new high street bank to launch in the United Kingdom in over 150 years. It is listed on the and is a constituent of the FTSE 250 Index.
Metro Bank PLC was granted its licence by the Financial Services Authority on 5 March 2010, the first high-street bank to be granted such a licence for over 150 years. It planned to open between 200 and 250 Stores in Greater London within 10 years of starting up. Its first Store opened on 29 July 2010 in Holborn.
In 2012, Metro Bank raised an additional $200 million in funding from investors including Fidelity, Steven A. Cohen of hedge fund SAC Capital Advisors, and New York real estate investors the LeFraks and David and Simon Reubens. In the same year, Forbes Magazine reported that Metro's flagship Holborn branch had "...garnered $200 million in deposits, four times the total at the average mature American branch."
On 2 May 2013 the Daily Telegraph reported that, following a loss of £8.8 million in the first quarter of 2013, Metro Bank's pre-tax losses had exceeded £100 million in less than three years since its launch, but the bank stated that these were planned for, and were "a result of its growth initiatives". In an interview with the Financial Times, Hill said the bank was "...in line with the business plan to rapidly grow this company,” he added. "Our primary goal is to expand the business . . . and profit certainly will come."
Metro Bank increased its account holders by 50% in the first half of 2013 for a total of 200,000 customer accounts, including 15,000 business accounts. It was aiming to have 200 UK stores open by 2020. A store was opened in Guildford in April 2013, and construction of a branch in Cheapside commenced in July, to open by the end of 2013. The bank had 850 employees in London by July 2013 and forecasted more than 1,000 London-based employees by the end of 2013.
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