Reuben brothers invest in new Metro Bank

David Reuben and his brother and business partner Simon, known simply in the business world as the Reuben brothers, have bought a 5 per cent stake in the first new retail bank to open in Britain for more than a century.

Metro Bank plans to open its first branch next month and aims to build up to 200 branches across Greater London over the next decade. The Reuben brothers, the property developers and philanthropists who are believed to rank among the 10 richest people living in Britain, did not say how much they had paid for their stake. A statement said they would be long-term investors. On Monday, the New York real estate developer and investor Richard LeFrak said he had bought a 10 per cent stake in Metro Bank, investing alongside the US entrepreneur Vernon Hill.

Metro Bank says it will compete with retailers for the best spots on high street and will open seven days a week from 8am to 8pm, even offering biscuits for dogs.