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Metro Bank Plc plans to open 11 new branches in the north of England from next year in a bid to grow its customer base, while keeping the costs “significantly†lower than its previous outlets.
The new branches, which Metro calls “stores,†will have less surplus floor space and more cost-effective fixtures and fittings but still retain the “distinctive Metro Bank style,†Metro said alongside its full-year results.
Metro became known for the lavish look of its stores when it launched in the UK in 2010.
Metro pledged to open stores in the north of England as part of its application for an award from the the Capability and Innovation Fund, which supports lenders that offer services to small- and medium-sized businesses. The fund is financed by NatWest Group Plc in recognition for the state aid it received during the financial crisis.
Metro Bank currently has a network of 76 stores after closing three branches last year, and said it doesn’t plan any further closures.
The lender reported an adjusted loss before tax of £50.6 million ($60.5 million), broadly in line with analysts’ expectations, and guided for mid-single digit return on tangible equity by 2024. Its shares fell as much as 2.4% in early London trading.