Metro set to become new bank on the high street

Metro Bank – backed by US billionaire Vernon Hill – is set to launch with two stores in Earl's Court and Holborn as part of its assault on the London banking market.

It is still waiting for final approval from the Financial Services Authority for a banking licence, but has signed up five more City heavyweights to its board ahead of the planned April launch.

Former Conservative Party deputy chairman and Panmure Gordon director Howard Flight and Ben Gunn, previously life and pensions boss at Friends Provident, are among the new appointments.

They will join chief executive Craig Donaldson, formerly retail banking chief at Royal Bank of Scotland, and chairman Anthony Thomson, who is also chairman of the Financial Services Forum.

Metro will focus solely on the Greater London area, with a target to launch 200 branches within 10 years.

As well as the two launch branches, Metro has hopes to open two more sites already bought in Borehamwood and Fulham Broadway this year, with a further eight in 2011.

Metro claims it will put customer service at the forefront, with plans to open branches from eight in the morning to eight at night and at weekends too. It will have customer toilets and offer a 15-minute service to open accounts, complete with credit and debit cards.

Metro has already secured 75m in its initial fundraising round.