Financial Adviser - 9th September 2010 - Metro Bank Article

The bank declined to reveal exact figures of the number of new accounts opened but added the accounts relate to its branch in Holborn.

The bank is now a step towards achieving its goal of opening 24 branches by 2013 and said it may even accelerate its expansion programme.

Craig Donaldson, chief executive for Metro Bank, said: “The Holborn store has gone from strength to strength and we’re recruiting an extra 100 staff due to the demand. I can’t revel the exact figures, but the customer account figures are in the thousands which proves the need for our services.”

Ian Beaumont, chief executive of London-based Matrix Solutions, said: “It’s clear that Metro Bank has identified a genuine and emotive niche by choosing to challenge ‘stupid bank rules’ and many of its product innovations do sound very appealing. However, the acid test will be how Metro Bank services their disenfranchised clientele without succumbing to the same problems of unattractive rates and poor customer service. It’s clear that Metro Bank needs to carefully profile its customers to create optimum lifetime value from their products and services.”

Published on:09/09/2010