Metro Bank looks to major expansion

Chief executive Craig Donaldson said the workforce would rise from 287 to 600 as new branches opened across the UK. About 75 will be employed in branches planned for Uxbridge and Hounslow, west London, and High Wycombe, Buckinghamshire.

The expansion plans come as Lloyds Banking Group rolls out 15,000 job cuts between now and 2014, and HSBC is expected to announce 10,000 losses in a move to cut costs.

Metro, which last year was the first high street bank to launch in the UK for more than 100 years, previously drew up plans to raise £45m in fresh capital to enable it to accelerate expansion goals.

The bank promised to revolutionise the British banking experience when it opened its first branch in Holborn in London. It aims to do this through offering retail opening hours, unparalleled customer service and a simple range of products.

Metro is likely to turn to existing investors to fund the expansion.