Metro Bank, whose launch in 2010 marked the arrival of Britain's first new High Street retail bank in more than 100 years, has plans to hire around 260 more staff this year and is looking for additional capital to fund its development.
Chief Executive Craig Donaldson declined to comment on how much capital could be raised, but sources with knowledge of the matter said the bank could seek up to 150 million pounds ($238 million) from private investors this summer.
Donaldson said Metro Bank, still a minnow compared to Britain's "Big Four" of Barclays, HSBC and part state-owned Royal Bank of Scotland and Lloyds, expected to employ some 700 staff by the end of 2012, from around 440 at present. It will open nine more branches in the London region to bring its total number of branches to 20. Britain is keen to introduce more competition into the retail banking market in the wake of the financial crisis, which has led to the arrival of a few new entrants - such as Metro, Aldermore and Shawbrook Bank - and thrown up take-over opportunities for others.
Earlier this year, Virgin Money bought bailed-out bank Northern Rock, while mutually-owned The co-operative Group is hoping to buy some 630 retail branches from Lloyds.
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