'Boutique bank' venture hunts backers

LONDON - A consortium headed by Anthony Thomson, chief executive of The Financial Services Forum, is to launch a chain of 'boutique' high-street banks called Metro Bank.

'Boutique bank' venture hunts backers

Thomson is attempting to raise £100m from private investors to get the scheme off the ground. The aim is to open four branches within a year, and a further 200 in the Greater London area over the next decade.

The Financial Services Forum is a marketing advisory body comprising 230 marketing directors, chief executives and directors of strategy, who exchange tips to improve their understanding of the market and their performance.

According to reports, Metro Bank will target about 3m UK consumers whom it believes are unhappy with their bank due to unsatisfactorily low levels of customer service.

The brand will focus on providing high-quality customer service and aims to break UK banking convention by opening seven days a week. Customers will also be offered the traditional array of banking products, as well as internet and telephone banking services.

The announcement comes only weeks after several high-street banks complained of poor market conditions.

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