Metro Bank beats first year account opening target in just one month

Metro Bank beats first year account opening target in just one month

UK banking upstart Metro Bank says its first branch exceeded full-year account opening targets in its first month of operation.

The greenfield banking operation - Britain's first new high street bank in over 100 years - opened its doors for business in Holborn last month.

Speaking to Reuters, Metro CEO Craig Donaldson said the business was well ahead of initial targets.

"Holborn has exceeded our year's expectations in one month for new account openings," Donaldson told the wire.

He was speaking as Metro bank opened its second branch in Earls Court and announced plans to hire 100 more workers, bringing total staff to 250. The news comes as bailed-out behemoth Royal Bank of Scotland brought the axe down on 3500 UK back office and tech support staff.

Metro's stellar start comes as new figures reveal that Britain's six biggest high street banks fielded 1.4 million complaints from dissatisfied customers in just six months - equating to over 11,000 complaints a day.

Metro Bank is playing on customer perceptions of shabby service from established banks by promising to set superior customer service standards from its seven-days-week high street outlets. The new bank plans a further 10 stores for Greater London over the next two years as part of a 200 store expansion.

Comments: (1)

Elizabeth Lumley
Elizabeth Lumley - Girl, Disrupted - Crayford 03 September, 2010, 16:23Be the first to give this comment the thumbs up 0 likes

Good point just mentioned on Twitter (@FinancialBrand) "No numbers divulged, so we'll take their word."

Hmmm, what were those first year predictions? And by how much did they exceed them? Guess, we will just take their 'marketing' word.

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