Metro Bank is a retail bank based in the United Kingdom. Founded in 2010 by Vernon Hill and Anthony Thomson, it is the first new high street bank to open in the UK in more than 150 years. By 2013, the bank had more than 200,000 personal account customers and 15,000 business customers.
On receiving its banking licence in March 2010, Metro opened its first branch in Holborn in July of that year. The founders stated an intention to open 250 stores by 2020. By 2013, the bank had pre-tax losses of more than £100milliion since launch due to initiatives for rapid expansion; account holders increased by 2013 in the first half of 2013 alone.
Metro Bank acquired SME Finance in August 2013 and rebranded the company as Metro Bank SME Finance in 2014.
Metro Bank is listed on the FTSE 250 and the London Stock Exchange.
Metro Bank Products and Services
As well as straightforward banking services, Metro Bank has a range of policies that set it apart from traditional banks. The bank guarantees just 15 minutes to open an account (in branch) and operates a ‘pet-friendly’ policy that includes free dog biscuits and water for customers’ dogs and refunds for customers who rehome pets from Battersea Dogs and Cats Home. It is the official banking partner of the Kennel Club.
Metro Bank provides banking services to personal and business customers. Metro offers customers same-day account opening in-branch and online. Customers can either collect their card from a branch or receive it in the post within seven days if ordered online. No appointment is necessary, and the bank promises to transfer all direct debits, accounts and standing orders within seven working days.
As well as a current account, Metro Bank offers a basic cash account with limits on cash withdrawals. This account does not have a Direct Debit feature.
Metro Bank Security
Metro Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and Prudential Regulation Authority.