Challenger bank to open first branch in Manchester
A challenger bank is set to open its first branch in Manchester.
The Metro Bank is opening its first branch in the North West with plans to launch 29 more stores in the North over the next five years creating 750 jobs and over 100 apprenticeships.
Branches are set to follow in Leeds, Sheffield, and Liverpool.
The Manchester city centre office will combine face-to-face banking with state-of-the-art technology offering business, personal and private banking services.
The expansion into the north is part of Metro Bank’s efforts to inject competition into the small business banking market following the £120m funding it was awarded from the Capability & Innovation Fund.
At present the brank’s network is concentrated in London and the South East.
Metro Bank’s chief executive Craig Donaldson said: “Bringing the banking revolution to the north of England is a real milestone for Metro Bank.
“We’re thrilled to be arriving in Manchester later this year, we simply can’t wait as we know Manchester is such a hub for growing British businesses.”
He added: “Securing the award from BCR Ltd allows us to accelerate our plans to revolutionise banking for SMEs.
“It will help us bring much needed competition to the underserved SME hotspots in the North, while investing in our digital capabilities and creating new jobs.
“We already provide tens of thousands of businesses with market-leading service and convenience, and these funds will enable us to introduce new services and products for more SME customers across the country.”
The store will be on Market Street and will have over 3,000 safe deposit boxes for customers to store their valuables.
Sir Richard Leese, leader of Manchester council, said: “Manchester continues to be an attractive place for new business and it’s great to see Metro Bank choose the city as their first location in the north.
“The group’s focus on supporting SMEs chimes with the city council’s own ambition to help new business flourish, and it’s also encouraging to see their commitment to creating new employment and apprenticeship opportunities for local people that will support the city’s continued economic growth.”
