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.
- 1 Scientists create transparent mouse complete with see-through organs
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 Gentle bear saves crow from drowning
- 5 Israel's propaganda machine is finally starting to misfire
Russell Brand accuses Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness
Kenny Ireland dead: Benidorm actor dies aged 68
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Putin v Obama: Russian deputy prime minister mocks president with catty pictures on Twitter
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£300 - £350 per day: Orgtel: Financial Analyst, Forecasting, Halifax, Banking,...
£500 per day: Orgtel: Business Architect - Banking - Bristol - £500 per day A...
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...