According to a report in the Financial Times, the regulator is expected to approve the roll-out of what many believe to be the UK's first start-up bank in more than a century.
The venture, by veteran US banker Vernon Hill and Financial Services Forum chair Anthony Thomson, will launch with two flagship stores in London. It plans to open a further 200 branches within a decade.
One of the branches, at Holborn, central London, is already carrying a poster campaign which states ‘Love your bank'.
Metro Bank will target those willing to pay a premium for higher-quality service, and aims to open at unusual hours, from 7.30am-8pm Monday-Saturday and 10am-4pm on Sunday.
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