Metro Bank’s (Metro) new private banking and
wealth management unit has got off to a strong start, according to
its chairman Anthony Thomson, although he would not disclose net
new money or asset totals.
“So far it is going very well. What we
discovered was that there were some people that wanted to be served
a little better,” Thomson told PBI’s sister publication, Retail
Banker International.
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“They are also business customers. What we
offer is pure private banking, not private structured products or
an attempt to sell investment business,” Thomson added.
“It is very much a case of us responding to
the needs of customers and so we have been encouraged to launch the
private banking operation earlier than we had planned due to
customer demand.”
The UK high street bank launched its private
banking and wealth management services earlier this year to its
high net worth (HNW) clients with investible assets of £0.5m
($0.78m) and above.
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By GlobalDataForeign players interest in
UK
Metro is the latest foreign bank seeking to
penetrate the UK’s highly fragmented private banking market.
In January last year, Germany’s Berenberg Bank
opened its London-based private banking operation in a bid to grow
its international market exposure.
Bank of Singapore was also granted a banking
licence last year, through its parent bank OCBC, to provide private
banking services in the UK.
