Jul 29, 2010, 12:00am

The British banking revolution begins today with the opening of the UK’s first High Street bank for over 100 years. Metro Bank opens its doors to retail and business customers on Thursday 29 July at 8am.

The historic launch of Metro Bank will transform the face of British banking. Metro Bank will adopt a retail store model offering unparalleled service and convenience – a sharp contrast to the conventional UK bank branch operation. Open seven days a week from early to late, Metro Bank, like the great retailers, will put the customer at the heart of its proposition.

Metro Bank will first open with stores in London; One Southampton Row, Holborn followed by Cromwell Road, Earls Court a month later. A further 10 stores are planned in Greater London over the next two years as part of a 200+ store expansion plan. Metro Bank will serve the banking needs of the retail and business communities. Metro Bank Business Banking will offer personalised business banking services including credit and cash management with local managers making local loans.

Craig Donaldson, Chief Executive Officer at Metro Bank, said: “Metro Bank will stand out from other High Street banks by providing unparalleled service, convenience, and value for money. We know that UK banking customers are looking for a new, convenient way of banking with easy to understand products and that’s what we will offer. We will deliver a service that exceeds expectations with the customer at the heart of everything we do.

“People’s lives have changed, great retailers have moved with them and banking should reflect that, so Metro Bank will be where customers work, where they live and where they shop at weekends. We know that customers want the ability to bank when they want, where they want and how they want – in store, on the phone or online. Metro Bank is going to change the face of UK banking for good, starting today.”

Metro Bank will differentiate itself from other High Street banks by offering extended opening hours with stores open seven days a week for retail and business customers (8am-8pm Monday to Friday, 8am-6pm Saturday, 11am-4pm Sunday), every day of the year apart from Good Friday, Easter Sunday, Christmas Day and New Year’s Day.

Customers will also be able to open accounts with a rapid opening procedure and instant issuance of permanent debit and credit cards within 15 minutes (subject to acceptance), as well as free coin counting at every store, for customers and non-customers alike, with the Metro Bank Magic Money Machine.

Anthony Thomson, Chairman at Metro Bank, said: “Metro Bank will offer customers a great retail experience, and we want to make banking fun for everyone. We believe customers simply want a better experience from their bank, the kind they typically get from a great retailer and that’s what we intend to give them. The British public deserves a better banking experience.”

Metro Bank will offer customers a simple product range suitable for everyone, and will be competitive with the products that the High Street banks currently offer. Its product range includes (for full product details see notes to editors):

• Current accounts
• Cash account
• Savings accounts (Instant access savings, ISAs, Fixed term savings and Young savers)
• Credit card
• Loans
• Mortgages

ENDS

For Multimedia press release: http://www.lansons.com/press/metrobank/default.htm

Notes to Editors

Full product details:

Our Products:

• We give great value by letting customers bank how, where and when they want to, going further than any other bank to offer our customers convenience
• We offer all our customers the same great rate. The price you see is the price everyone gets
• We treat our customers fairly with no stings in the tail
• Face to face service with stores open twice as long as traditional banks

Current Account:

• Accounts opened within 15 minutes
• Debit cards and cheque books printed in store
• Easy to set up overdrafts - one great rate of 15%
• Over 50s get a free Safe deposit box for the first year with a current account

Cash Account:

• A MasterCard debit card gives access to money anywhere any time
• An account that can't go overdrawn, helping customers to manage their money

Switching Service:

• At last service and convenience worth switching for
• The switching process started and managed in store 7 days a week

Instant Access Savings:

• No small print, no gimmicks
• One fair rate for all customers of 0.5% EAR
• 7 day access by phone, over the internet and face to face in store

Young Savers:

• Kids rock at Metro Bank
• A great rate of 1% EAR to get children into the habit of saving early in life
• Pick up a free Metro Bank money box in store
• Turn your coins into cash for free in our Magic Money machines, and win prizes too

ISAs:

• Variable and fixed rate products launching in October supported by Metro Bank's personal switching service

Fixed Term Savings:

• 2.5% EAR for 1 year fixed rate product
• 3.0% EAR for 3 year fixed rate product

Credit Cards:

• A no fees, no gimmicks credit card
• Credit cards printed in store
• Purchases paid off each month attract no interest, balance transfers and cash withdrawals attract no fees
• All our credit card customers pay one great rate of 13% APR on purchases, balance transfers and cash withdrawals

Personal Loans:

• All customers pay one fair rate of 10% APR
• The end to "computer says no" - local lenders make local loan decisions

Mortgages:

• Fixed and variable rate product available up to LTV 80%
• 2 year variable rate product at 3.5% , 2 year fixed product at 4.0%, 3 year fixed rate product at 4.5% for LTVs <60%
• An extra 1% payable on LTVs >60%
• Mortgage arrangement fee of £500

Metro Bank Plus:

• Designed to give customers who value packaged accounts the benefits they value without paying for the ones they don't, all for £12.50 per month
• Worldwide family travel insurance with wintersports and golf cover
• Mobile phone insurance for up to 2 phones or smart phones (e.g. iPhones)
• A spare keys service designed specifically for Londoners, we hold a spare set of your house and car keys and commit to get them to you within 2 hours if you need them
• RAC roadside breakdown service
• Card Protection and Identity theft support

Safe Deposit Boxes:

• Keeping customer's valuables safe but accessible 361 days a year
• A variety of sizes available with a private room for customers to tend to them
• Prices from £100 per year

About Metro Bank

Metro Bank PLC is registered at One Southampton Row, Holborn, London and is regulated by the Financial Services Authority.

Metro Bank was co-founded by Vernon Hill and Anthony Thomson. It is based on the successful Commerce Bank model that was established by Vernon Hill in the US in 1973. A UK management team has worked with Vernon Hill to help bring this model to the UK market.

Metro Bank will operate retail hours, not banking hours. It will be open 7 days a week (8am- 8pm Monday to Friday, 8am- 6pm Saturday, 11am- 4pm Sunday), every day of the year apart from Good Friday, Easter Sunday, Christmas Day and New Year’s Day.

Metro Bank PLC. Registered in England and Wales. Company number: 6419578. Registered office: One Southampton Row, London, WC1B 5HA.

Metro Bank PLC is an independent UK Bank. Metro Bank PLC is authorised and regulated by the Financial Services Authority. Metro Bank PLC is a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000.

Metro Bank PLC is not affiliated with any other bank or organisation anywhere in the world.

Metro Bank is led by a talented team of UK Executives:

• Craig Donaldson, Chief Executive Officer, formerly Managing Director of Retail Banking at Royal Bank of Scotland
• Paul Marriott-Clarke, Managing Director, Retail Banking, formerly Managing Director, Network South, Retail, HBOS
• Darren Schindler, Managing Director, Commercial Banking, formerly CEO, Oak Capital Group
• Aisling Kane, Chief Operations Officer, formerly Director of UK Operations at Anglo Irish Bank
• Mike Brierley, Chief Financial Officer, formerly Director, Business Risk at Barclaycard
• Mike Hudson, Chief Risk Officer, formerly Group Head of Risk at Hitachi Capital

Its non-executive directors are:

• Stuart Bernau, former Retail Director, Nationwide Building Society
• Keith Carby, Co-founder, J Rothschild Assurance
• Howard Flight, Founder, Guinness Flight Asset Management
• Ben Gunn, former Chief Executive of Friends Provident Life & Pensions
• Vernon Hill, Founder of Commerce Bank
• Eugene Lockhart, former CEO of Midland Bank and MasterCard International and former President, Global Retail Banking at Bank of America
• Anthony Thomson, Chairman, Financial Services Forum