New high street bank is bone of contention

The first high street bank to launch in Britain for more than 100 years opened its doors to customers yesterday but its products received a lukewarm response from industry commentators.
By The Newsroom
Published 28th Jul 2010, 23:38 BST
Updated 28th Jul 2010, 23:39 BST

Metro Bank promised to revolutionise the British banking experience through offering retail opening hours, unparalleled service and a

simple range of products that will be suitable for everyone.

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But none of the products launched was competitive enough to make it on to the best-buy tables.

The group, which opened its first branch in Holborn yesterday, was co-founded by US billionaire Vernon Hill and Anthony Thomson, who is chairman of the Financial Services Forum, and it is based on the model used for Commerce Bank in the US, which was founded by Mr Hill in 1973.

It plans to open a second branch in Earls Court next month, expanding its network to more than 200 outlets within the M25 during the next decade.

The branches will have toilets in them and, in what is thought to be a nod to its dog-owning financial backer Mr Hill, will allow dogs and provide them with a bowl of water and a bone.

The group did win praise for its longer opening hours, which will see its branches open from 8am to 8pm Monday to Friday, as well as from 8am to 6pm on Saturday and from 11am to 4pm on Sunday.

Related topics:BritainMetro BankM25