Metro Bank has attracted “thousands” of
customers and “millions” in customer deposits in its first month of
launch, said its chief executive Craig Donaldson.
Donaldson told RBI that Metro Bank
has already hit its one-year target for customer accounts just a
month after opening up its first branch.
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“You can imagine we were over the moon. [It] was genuinely very very pleasing,” Donaldson said.
“It shows that there is a want for a
convenience model and people do want an alternative on the high
street.”
He did not disclose specific figures on
customer numbers and deposits but said the bank will target over
£30m ($46.2m) customer deposits per branch.
Metro is on target to open 4 branches by the
end of 2010, 12 by the end of next year, and 24 by the end of
2013. Donaldson said the branch network would hit 40 in
the fourth year and 60 in the fifth year.
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By GlobalDataMetro’s success has been tainted by the delay
of its online offering, which launched a few weeks late.
“To be honest, we thought we’d completed our
testing, we found an issue and we just wanted to get everything
right,” he said.
Every customer is signed up to online banking
when they open a Metro account.
The bank, buoyed by its early success, is
recruiting an extra 100 staff to start by the end of the year.
Metro is the only bank on the high street to
offer instant issuance, where consumers receive their card
immediately in-branch when opening an account.
