Metro Bank plans to open dozens more branches – bucking the trend of lenders’ closures. Boss Daniel Frumkin said it could increase its network to as much as 110 arms – up from 75.
Banks have shut more than 1,000 branches over the past two years and more than 6,000 since 2015.
But Frumkin said: ‘We’re opening three this year and we’re looking for new locations to open more next year.’ He said it was ‘hugely important to build our retail presence’ to look after customers.
The expansion came despite a £212million annual loss blamed on one-off costs as it sold large chunks of its loan book and cut jobs as part of a shift to more specialised lending.
Frumkin emphasised positives, such as a 71 per cent rise in corporate loans and 110,000 personal accounts being opened. The bank was rescued in a £925million deal in 2023.
It has since sold a £2.5billion chunk of mortgages to NatWest and this week offloaded £584million of personal loans to an undisclosed buyer. Shares fell 8.3 per cent, or 8.1p, to 89.7p. But they are still up more than 150 per cent over the past year.
Expansion: Metro Bank Boss Daniel Frumkin said it could increase its network to as much as 110 branches, up from 76
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