Definition
Metro Bank plc is a publicly listed retail and commercial bank operating in the United Kingdom, offering personal, business, and mortgage banking services. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
Overview
Founded by Anthony Thomson and Vernon Hill, Metro Bank received its banking licence from the Financial Services Authority on 5 March 2010 and opened its first branch in Holborn, London, on 29 July 2010. The launch marked the first new high‑street bank in the UK in over 150 years. The bank pursued rapid expansion, aiming to open 200–250 branches in Greater London within a decade. As of 2025, Metro Bank operates 76 branches across England and Wales.
Metro Bank went public on the London Stock Exchange in 2016. After a period of accelerated growth, the bank disclosed in early 2019 that an error in the classification of commercial loans meant it held insufficient regulatory capital. To remediate this, it raised £350 million of new equity and later secured additional capital and debt refinancing, including a £325 million equity injection from Jaime Gilinski Bacal in 2023, who became the controlling shareholder with a 53 % stake. The bank has also acquired the peer‑to‑peer lending platform RateSetter (Retail Money Market Ltd) and sold a residential mortgage portfolio to NatWest in 2021.
Financial highlights for the fiscal year 2025 include revenue of £593.3 million, operating income of £87.2 million, net income of £69.7 million, total assets of £16.5 billion, and total equity of £1.48 billion.
Etymology / Origin
The name “Metro” is derived from the term “metropolitan,” reflecting the bank’s focus on serving customers in urban and suburban communities across the UK’s high‑street locations.
Characteristics
- Products and Services: Offers current accounts, savings accounts, credit cards, personal and business loans, mortgages, and safe‑deposit boxes. The bank also provides commercial banking services to small and medium‑sized enterprises (SMEs).
- Branch Network: Operates 76 high‑street branches that emphasize extended opening hours and customer‑centric facilities such as on‑site safe‑deposit boxes.
- Digital Banking: Provides a mobile banking app and online banking platform for account management, payments, and remote services.
- Regulatory Status: Authorized by the Prudential Regulation Authority (PRA) and regulated by both the PRA and the Financial Conduct Authority (FCA). The bank has faced regulatory penalties, including a £5.38 million fine in 2021 for governance failures and a £16.7 million FCA fine in 2024 for deficiencies in anti‑money‑laundering systems.
- Ownership: Majority‑owned (≈53 %) by Jaime Gilinski Bacal following the 2023 capital raise; the remainder held by institutional and retail shareholders.
- Corporate Governance: Chairman (as of 2024) is Sir Michael Snyder; Chief Executive Officer is Daniel Frumkin.
Related Topics
- List of banks in the United Kingdom
- Challenger banks in the UK (e.g., Monzo, Starling Bank)
- High‑street banking
- Prudential Regulation Authority (PRA)
- Financial Conduct Authority (FCA)
- RateSetter (Retail Money Market Ltd)
- FTSE 250 Index
- Jaime Gilinski Bacal
All information is based on publicly available sources, including the company’s filings and the Wikipedia entry “Metro Bank (United Kingdom).”