Metro Bank to open in Liverpool

The challenger bank has followed Monday’s announcement of a first Northern branch in Manchester with the news that is to open in Paradise Street, within Liverpool ONE.

The branch will open later this year, offering business, personal and private banking services. The bank sells itself on its accessibility, saying that customers will be able to visit the store, with no appointment needed, and open a personal or business account on the spot, leaving with their debit card in hand, along with internet and mobile banking set up.

Metro Bank’s target for the North is to open 30 stores by 2025, creating 750 jobs. The business has said that the expansion is part of its efforts to inject competition into the small business banking market following the award of £120m funding from the Capability & Innovation Fund.

The business was launched in 2010, reportedly as the first new high street bank to launch in the UK in more than a century. Although it has performed well in consumer satisfaction surveys, the bank has been troubled this year. Following miscalculations over its required capital, the bank was forced into a share issue to raise money, with its share price suffering as investor confidence dwindled.

Craig Donaldson, chief executive, said that the business is looking forward to bringing “the banking revolution” to the North, adding: “Liverpool has long been home to many of the UK’s fastest growing businesses, and we can’t wait to show everyone what great service and convenience is all about.”

Deputy mayor of Liverpool, Gary Millar added: “We’re always delighted when innovative new businesses join the Liverpool community and this is no exception. The city has a great history of nurturing SMEs and helping them develop into world beaters – I look forward to seeing Metro Bank continue this proud history with their focus on lending, community outreach, and outstanding customer service.”

The store will be located at 13-15 Paradise Street.

Metro claims to be the fastest-growing challenger bank for business current accounts in the UK, supporting tens of thousands of SMEs. As with the branch it will open in Manchester Arndale, the group said that it intends the Liverpool location to become a hub for the community, hosting a range of business events and charity fundraisers for local people throughout the year.