There is something rather familiar for a US resident about walking into a branch of Metro Bank in London. The chequered black-and-white-tiled floors, the blue-and-red decor, the coin-counting machines, the dog bowls... That’s because it is exactly the same as Commerce Bank – the US northeast bank that was sold to TD Bank for $8.5 billion five years ago. Even the big red smiley ‘M’ that represents Metro Bank is just an upside down version of the ‘W’ in ‘Wow!’ that played a front-seat role in Commerce Bank’s marketing campaigns.
 |
| Vernon Hill, vice-chairman of Metro Bank and founder of Commerce Bank |
Commerce Bank’s founder, Vernon Hill, is doing what has not been done in the UK for 138 years. He has opened a high-street bank. He is basing it on the model that made his Commerce Bank shareholders 470 times their original stake, and Hill himself $400 million richer. While the rest of the banking industry is scaling back branches and discussing whether the branch is even a requirement in the modern age of digital wallets, Metro Bank is doing the opposite.
