Metro Bank secures £120m in funding for SME services

Metro Bank has announced it has been awarded £120m in funding from Banking Competition Remedies (BCR) Ltd.

The investment will be used to help meet the needs of SMEs and encourage competition in the UK retail banking market, as well as increasing their store presence in the North of England.

The £120m will also enable the bank to implement its plans for SME products and services, in addition to investing in new digital capabilities.

Alongside its existing store opening programme and recent London Wall branch opening, Metro Bank will also open new stores in the North by the end of 2025, including cities such as Leeds, Sheffield, Manchester and Liverpool.

Craig Donaldson, chief executive officer at Metro Bank, said: “Securing this award from BCR Ltd allows us to accelerate our plans to revolutionise banking for SMEs.

“It will help us bring much needed competition to the underserved SME hotspots in the North, while investing in our digital capabilities and creating new jobs.”

He added: “We already provide tens of thousands of businesses with market-leading service and convenience, and these funds will enable us to introduce new services and products for more SME customers across the country.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →