Challenger bank confirms Birmingham move
Challenger bank Metro Bank has confirmed plans to create 900 jobs this year as part of a major expansion of its operation – which includes a new branch in Birmingham.
There is no date on the opening of the new city centre branch, but the bank intends to use the base as the centre of its Midlands operation.
Confirmation of the move came in the bank’s full year results, showed it had turned a major loss during 2016 into a large surplus.
In its results statement it said: “In 2018 we expect to open 12 stores, expanding our network further west to Bristol and Cardiff and north to Birmingham and the Midlands, and creating 900 jobs.”
The company submitted plans last year to convert store units occupied by Vodafone, Foot Asylum and Card Factory in the city centre into its new base of operations.
The prominent site lies at the corner of High Street and New Street, opposite the former entrance to the Pavilions and close to the Bullring Shopping Centre.
The bank said at the time that the move was expected to create 30 jobs.
The new bank marks the company’s expansion into the Midlands and the branch is likely to be the region’s flagship.
The bank said in its results statement: “Metro Bank has had a fantastic year, growing across every area of the business. Our geographical expansion, integrated with cutting-edge technology, is reinforcing our network and attracting retail and commercial customers.
“We’ve generated both record deposit and record lending growth, closing the year with our highest ever loan to deposit ratio of 82%. This has in turn increased revenue by 51% year-on-year and led to a £32.5 million uplift in profitability to £20.8 million from a £11.7 million loss in 2016.”
