Metro Bank is taking a huge risk by debuting itself during the banking industry’s biggest upheaval in decades. The high street banking network plans to launch in Britain despite the credit crisis in the hope of attracting customers with enticing services and convenience. It will offer current accounts, savings, loans and mortgages to personal customers, telephone and internet operations, and will also enter the business banking market. Furthermore, the Metro Bank intends to open seven days a week from 7:30am to 8pm throughout Monday until Saturday and open 10am to 4pm on Sunday.
Metro Bank will be Britain’s first branch-based bank in more than a century and through private investments, the business aims to open more than 200 branches within a decade. If the business plan goes successfully, they believe it will have built a balance of £4.1bn in assets and nearly £300m in equity within five years of establishing itself.
Although existing banks throughout the globe are besieged with high finance costs in the money markets and plagued with bad debt, Metro Bank is thought to have a high chance of success due to it’s well thought out proposals and the locations in which it will establish its’ branch. It will fund its retail lending out of deposits however the business growth could stall due to mortgage and current account customers. Nevertheless, regardless of the economic crisis Metro Bank is taking a major risk to provide much needed customer service and reliable proposals for Britain.
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