Metro Bank retail and commercial bank branch Liverpool, Open 7 days,15 Paradise Street, Merseyside, England, UK, L1 3EU
Image details
Contributor:
Tony Smith / Alamy Stock PhotoImage ID:
2P4JT8NFile size:
53.2 MB (1.4 MB Compressed download)Releases:
Model - no | Property - noDo I need a release?Dimensions:
5472 x 3396 px | 46.3 x 28.8 cm | 18.2 x 11.3 inches | 300dpiDate taken:
16 January 2023Location:
15 Paradise Street, Liverpool, Merseyside, England, UK, L1 3EUMore information:
Metro Bank plc is a retail and commercial bank operating in the United Kingdom, founded by Anthony Thomson and Vernon Hill in 2010. At its launch it was the first new high street bank to launch in the United Kingdom in over 150 years. It is listed on the London Stock Exchange. After a period of rapid growth, Metro Bank hit difficulties in early 2019 when it announced it had insufficient capital to meet regulatory requirements, following the discovery of an error in the way it categorised its commercial loans for capital adequacy purposes. As a result, it had to raise an additional £350m of capital. Concerns over the announcement and the bank's ability to raise the capital resulted in the bank's share price falling by 75% in less than four months, and large depositors withdrawing cash, because of "adverse sentiment". Metro Bank was granted its licence by the Financial Services Authority on 5 March 2010, the first high-street bank to be granted such a licence for over 150 years. It planned to open between 200 and 250 branches in Greater London within ten years of starting up. Its first branch opened on 29 July 2010 in Holborn, central London Metro Bank increased its account holders by 50% in the first half of 2013 for a total of 200, 000 customer accounts, including 15, 000 business accounts. It was aiming to have 200 UK branches open by 2020. In January 2019, Metro Bank admitted classifying a portfolio of commercial loans for capital purposes incorrectly, thereby failing to hold sufficient capital to meet regulatory requirements; the error applied to around 10% of its loan book. The miscalculation was identified through a review by the Prudential Regulation Authority (PRA) but Metro Bank erroneously gave the impression that the bank had identified the incorrect classification itself. To correct the error in the capital classification, Metro Bank announced a £350m share issue and said it would reduce its growth plans.