Metro Bank to open 11 new branches

METRO Bank plans to resume its branch expansion in the north of England.

The bank said they will be in areas ‘with large local populations and a strong small and medium sized business presence’.

The challenger bank will open 11 branches next year, with no further closures.

Elderly and vulnerable customers who do not use online banking services have been particularly hit hard by bank branch closures. Metro shut three last year, and it currently has 76 branches. Meanwhile, a Newcastle Building Society survey this week said one in five customers must make a round trip of more than an hour to visit their local branch.

Some face three hour-trip to visit their nearest branch.

Metro said it lost £70.7m last year, compared to £245.1m the previous year.

Revenue increased by almost a third to £522.1m. Its shares fell 4pc, or 6p, to 144p.