Metro Bank: We could float
Wednesday 23 October 2013
The first new bank to open on Britain’s high streets in more than a century revealed yesterday that it is considering listing on the London Stock Exchange.
Metro Bank, best-known for its dog-friendly branches and coin-counting machines, said it may float in order to boost ambitious expansion plans, although it could just tap existing investors for more funds. Its chief executive Craig Donaldson said: “It’s something we are looking at to drive more growth but we are taking a long-term, organic approach and will do so when the time is right.”
The bank, which is expected to remain loss-making until next year, said the rate at which customers are switching to its accounts has doubled since new hassle-free rules were introduced last month. It also said it had a 100 per cent uplift in new joiners over the past four weeks. So far 89,000 current account customers across the UK have moved to new banks since the time it takes to switch was cut from up to 30 working days to seven.
Metro now has 20 branches in and around London and plans to open in Kingston upon Thames on Friday. Its customer numbers have grown by 75 per cent to 238,000 since the start of the year, with total lending at £565m and deposits just under £1.1bn.
- 1 Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
- 2 Oil tanker with $100 million cargo goes missing off Texas coast
- 3 George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
- 4 Saudi Arabia executes 19 in one half of August in 'disturbing surge of beheadings'
- 5 Brother and sister, Christopher Buckner and Timothy Savoy, arrested for 'committing incest after watching 'The Notebook''
YouTube video posted by Isis militants shows 'execution of 250 Syrian soldiers'
Keira Knightley topless: Usually conservative actress does own take on #Freethenipple campaign for Interview Magazine
Oil tanker with $100 million cargo goes missing off Texas coast
George Galloway left with severe bruising after attack in Notting Hill by man 'shouting about the Holocaust'
Lady al-Qa’ida: On the trail of Dr Aafia Siddiqui, the world’s most wanted prisoner
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
- < Previous
- Next >
iJobs Money & Business
£35000 per annum: Harrington Starr: Network Engineer (CCNP, CCNA, Linux, OSPF,...
£50000 per annum: Harrington Starr: DevOps Engineer (Systems Administration, L...
£60000 - £70000 per annum: Harrington Starr: A prestigious leading professiona...
£50000 per annum: Harrington Starr: Financial Technical Consultant (C++, C#, F...