Metro Bank set to grow
Published: 04 January, 2012
New entrant to retail banking market looks to double branch portfolio
Metro Bank, Britain's first new retail bank in over 100 years, has opened its 10th branch in Hounslow, west London. And it plans to more than double its portfolio with 12 openings planned for 2012.
In the 18 months since its launchMetro Bank now has over 50,000 customers and is opening 5,000 accounts a month. The existing branches in central and suburban London are trading well above expectations and the company wants 200 branches within a decade. But according to its property advisor, Calum Ewing at Cushman & Wakefield, it will not buy any other banks, or former bank buildings, and will grow one new acquisition at a time.
Cushman & Wakefield is solely retained to act for Metro Bank on all store acquisitions across Central and Greater London and around the South East of England (anywhere within an hours train journey from Central London).
Ewing explained: “Metro Bank aims to open 10 stores during 2012 and 20 in 2013 and every year thereafter. The properties must be in prime and prominent corner locations, with full height glazing, high ceilings and strong pedestrian footfall. Town centre, front of shopping centres, retail park or roadside locations will all be considered especially close to foodstores, rail and underground stations and other nodes of activity.”
