Metro Bank has a limited future, claims co-founder
Metro Bank co-founder Anthony Thomson has said the bank faces a “limited future” if it continues with its strategy of focusing on High Street branches.
On Sunday, the Metro Bank agreed on a deal to raise funds that it said would secure its future, after days of speculation over its financial position. The bank said it would continue to focus on bricks and mortar branches.
But Thomson, who was the chairman from 2010 to 2012, told the BBC that was a “flawed strategy.” He said that the combination of pursuing a branch-based strategy given its financial position gave Metro “a very, very limited future”.
“I would not like to be the chairman or the chief executive of Metro Bank today,” said Thomson.
Whilst the bank reiterated its strategy of opening more branches, analysts have said this is expensive and runs counter to the trend of consumers switching to online banking.
