Metro Bank gets £387.5m expansion boost
Metro Bank has received a boost to its expansion plans as it bids to shake up high street lending after raising £387.5m from investors.
The bank, which opened its 25th branch - in Milton Keynes - on Friday, plans to open up to 12 new sites during 2014, creating an additional 500 jobs.
Expansion of the business, which was launched in July 2010, remains focused on London and the South-east.
Its announcement comes as Labour presses for greater competition to break up the dominance of the UK's big five banks.
Bank founder and chairman Vernon Hill said: “The revolution in British banking continues, with strong investor support from existing and new investors, who believe in the Metro Bank growth model.”
Metro said it was its fourth capital raising, bringing the total to £641m, and that the money would be used to support the expansion of its retail, commercial and private banking business.
Institutional and private investors worldwide had supported the offerings, it said.
The bank, which says it offers better levels of service and convenience including seven day a week branch banking, now has 280,000 business and personal customer accounts.
Harry Potter actor suffered 'severe flu-like symptoms' on a flight from London to Orlando
Rap music mogul accused of running two men over in his truck
World cities ranked in terms of safety, food security and 'liveability'
First full-length look is finally here
"Oink! Oink! Hee hee hee!" First interview with the big-screen star
Biohacking group hopes technology will lead people to think about even more dystopian uses
The party's potential nominations read like a high school race for student body president
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
- 3 Ball pool for adults opens in London
- 4 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 5 Baldness could soon be treated using stem cells, scientists hope
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Mia Khalifa: Pornhub star claims Drake sent her 'cringeworthy' naked photos on Instagram
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
The awkward moment Sarah Palin raised $25,000 for Hillary Clinton's election campaign
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...