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UKs FSA licenses Metro Bank, first new British high street bank in over 100 years

Monday 8 March 2010 11:22 CET | News

The Financial Services Authority (FSA), UK’s financial services industry regulator, has licensed Metro Bank, a new financial services provider which is expected to begin operations in the UK in the coming months. Metro Bank is the first new British high street bank to start operations in over 100 years, UK online media outlet telegraph.co.uk reports.

Metro Bank branches are set to be open for customers from 8am to 8pm on a daily basis, as well as during the weekends. The bank has also promised would-be customers that they would be able to open an account and receive their afferent chequebooks and/or credit cards on the spot. As far as the rates that Metro Bank plans to charge, representatives of the bank quoted by the same source have indicated that they will not aim for low-level charges; however, the new bank expects consumers will be willing to pay higher rates in return for increased levels of customer service.

For the moment, Metro bank will open two branches in central London, with plans to build a network comprising over 200 branches over the next 10 years.


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Keywords: FSA, Metro Bank, high street bank, UK
Categories: Payments & Commerce
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Countries: World
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Payments & Commerce