Metro Opens First New U.K. Consumer Bank Since 1872
This article is for subscribers only.
Metro Bank is opening the first new U.K. consumer bank in more than a century today, as the government pushes for more competition in the industry.
Metro, which will also offer services to businesses, aims to have about 200 outlets by 2020, capturing 10 percent of London’s consumer-banking market, Anthony Thomson, chairman and a co-founder of the company, said in an interview at the new branch in Holborn. The bank may raise 250 million pounds ($391 million) in the next three years to fund the expansion, probably through an initial public offering, Thomson said.