Londoners to get the taste of Metro Bank by April
24 Feb 2010
US billionaire Vernon Hill is setting up a new bank in London, Metro Bank, which is slated to start operations by April this year, while Sir Richard Branson's Virgin Group is finalising its own banking strategy.
According to reports, the bank will open with two branches in Earl's Court and Holborn; it further intends to expand its branch net work by opening two more sites already bought in Borehamwood and Fulham Broadway this year, eyeing to bring the number to 8 by 2011, and to open 200 branches by 2020.
Although the Financial Services Authority (FSA) is yet to approve a banking licence for Metro, the bank has already roped in several industry veterans to its board.
The bank's chief executive is Craig Donaldson, a former retail banking chief at Royal Bank of Scotland, while the chairman is Anthony Thomson, chairman of the Financial Services Forum.
The others who are expected to join the bank's board are former Conservative Party deputy chairman and Panmure Gordon director Howard Flight, and the former boss of life and pensions at Friends Provident Ben Gunn.
According to media reports, Metro will focus solely on the Greater London area.
