Lex

New entrants in UK banking

The first new high street bank in the UK in over a century opened its doors today. Metro Bank is targeting highly populated areas that already have a number of rival bank branches. Its branches will be larger than traditional bank branches. Metro is hoping to capture around 3 per cent of retail deposits made in London. It believes the added convenience it plans to offer will attract city workers. Richard Stovin-Bradford analyses the new entrant.