Metro Bank granted FSA license
Metro Bank will serve the banking needs of the consumer and business communities beginning with two stores in London and deposits will be covered by the UK Financial Services Compensation Scheme.
The first two Metro Bank stores will open in the second quarter of 2010 at One Southampton Row, Holborn and on the corner of Cromwell Road and Earls Court Road in South Kensington. The next two stores will open at Fulham Broadway and Borehamwood, Hertfordshire. Metro Bank intends to build a network of more than 200 stores in Greater London over the next 10 years.
Metro Bank’s co-founders are Anthony Thomson and Vernon Hill. Vernon Hill was the founder of Commerce Bancorp which grew from one office in America in 1973 to $50 billion in assets and 500 offices throughout the East Coast of America. Commerce Bank consistently received consumer awards for the consumer bank most loved by American banking customers. Vernon Hill is also the chairman of Fetch, Inc. which operates as Pet Plan America. Anthony Thomson has 27 years experience in financial services and is currently the chairman of the Financial Services Forum (FS Forum), an independent member-based community for over 500 senior executives with an interest in financial services marketing.
Anthony Thomson, Metro Bank Chairman said: “The banking environment was fundamentally changed following the credit crunch, and we have seen seismic changes in the retail UK banking industry as a result. With the FSA authorisation of Metro Bank we are entering a new era of banking, one where we go back to a more traditional banking model where customer service is key and there is deposit based lending.
“Metro Bank is a retailer of financial services. Our main focus will always be on customers, both retail and business, and making sure we do the right thing by them. We believe that by providing unparalleled service and convenience, Metro Bank will stand out from other High Street banks. We know that UK banking customers are looking for a new, convenient way of banking.”
To quote Metro Bank, it’s customer promise is:
• Surprise & delight every customer
• Deliver unlimited convenience, with 7 day store banking and great online banking
• No ‘stupid’ bank rules
• Satisfaction guaranteed
Metro Bank will offer its customers:
• Extended opening hours: stores will be open 7 days a week (8am- 8pm Monday to Friday, 8am-6pm Saturday, 11am-4pm Sunday), every day of the year apart from Good Friday, Easter Sunday, Christmas Day and New Year’s Day
• The best online banking and 24/7 customer call centre located in London
• The ultimate in account opening convenience, with a rapid opening procedure and instant issuance of permanent debit and credit cards within 15 minutes
• Free coin counting at every store, for customers and non-customers alike, with the Metro Bank Magic Money Machine™
• A friendly welcome to dogs and their owners, with water bowls and dog biscuits on hand for man’s best friend – dogs rule at Metro Bank!