View more on these topics

Start-up bank in UK is set for launch

The FSA is understood to be close to approving the launch of the first start-up bank in the UK for a century.

US financial entrepreneur Vernon Hill is planning to open Metro Bank early next year according to reports in the Financial Times.

Hill established Commerce Bank in New Jersey in the 1970s and plans to have two flagship branches of Metro Bank in London.

He is understood to be taking up the role of non-executive chairman at Metro Bank and is one of its largest shareholders.

Financial Services Forum chairman Anthony Thomson will be vice-chairman and is another principal shareholder.

The bank has so far raised £75m to fund the roll-out and it has around 20 private and institutional investors backing it.

The FSA could grant the licence within the next few weeks according to the FT.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Good.
    About time there was a bit more competition in the banking sector.

  2. 2 branches in central London. Doesn’t sound much like competition. A capital base of £75M won’t go so far. Great headlines though.

  3. Gemma Anderson @ Brands Bank 15th December 2009 at 4:41 pm

    They don’t seem to have their internet presence sorted out yet though, if this is anything to go by.. http://www.metrobank.co.uk ?

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com