New bank to open 200 branches in the UK

A new bank will be opening its doors is the UK soon. Metro Bank, which has been brought to the country by US entrepreneur Vernon Hill and marketing expert Anthony Thomson, aims to set up around 200 new branches in Britain during the course of next year.

This is expected to create a significant number of banking jobs, at a time when so many redundancies are being announced in the sector.

The British public will also benefit from having a new bank on the block. With Northern Rock switching to mortgage lending and both Royal Bank of Scotland and Lloyds Banking Group planning to sell off their branch networks, there will soon be a demand for more high street banks, reports BBC News.  

Industry experts have speculated that Metro will introduce a novel banking model to the UK, which Hill has previously used to set up a successful bank in the US. The strategy revolves around convenience, with branches staying open for extended hours, seven days a week. This is clearly geared towards customers who find it difficult to get to the bank during office hours.

While Metro’s banking license is still being reviewed by the FSA, an official launch is expected in 2010.