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Bank Charges: Metro Bank raises £50m for expansion

Metro Bank has announced it has raised £52 million worth of new capital to help expand its operations.

The firm, which was the first high street bank to be launched in the UK for over a century, claimed the new finance will allow it to open six more branches over its first two years of business than originally planned.

Vernon Hill, co-founder and vice-chairman of Metro Bank, was one of the parties which invested in the firm and now holds a 21 per cent stake in the business.

He claimed that UK banking sector is much less competitive than the US and expressed his belief that Metro Bank will stimulate greater competition among rival financial institutions.

Mr Hill told the Telegraph: "Innovation in the financial segment comes from more entrants in the market.

"I think everyone agrees that the customer satisfaction rates are very low, that customers are very unhappy and that this is an ideal environment for us to compete."

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800288592-ADNFCR

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