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Metro Bank Loses £23M In First Year

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8623565/Metro-Bank-loses-23m-in-first-year.html

Pre-tax losses at Metro Bank were £23.4m for the 16 months to December 31, 2010, according to accounts filed with Companies House earlier this week.

The bank said the loss was "a direct result of significant investment across the business in building infrastructure and systems to enable future growth and scale to be achieved".

I wonder at what point they expect to turn a profit or be like a proper bank and just get a bailout?

Anyone used it?

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Mr Ripoff,

I haven't used them, but a colleague of mine helped them get set up. He indicates that they were quite efficiently organised, but low-budget to start with.

Keep in mind they are brand new in banking terms. I'd expect them to lose money for a little while in the current climate. £23M is a relatively small loss for a bank, I would think.

Regards,

Mr Smith

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Mr Ripoff,

I haven't used them, but a colleague of mine helped them get set up. He indicates that they were quite efficiently organised, but low-budget to start with.

Keep in mind they are brand new in banking terms. I'd expect them to lose money for a little while in the current climate. £23M is a relatively small loss for a bank, I would think.

Regards,

Mr Smith

Yes, they won't be in the big league till they are losing billions... to match AIG, they'd have to lose 10,000 times as much!

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Really we should be promoting new banks like this so we up the competition. however I'm with First Direct and don't have any real complaints.

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Mr Ripoff,

I haven't used them, but a colleague of mine helped them get set up. He indicates that they were quite efficiently organised, but low-budget to start with.

Keep in mind they are brand new in banking terms. I'd expect them to lose money for a little while in the current climate. £23M is a relatively small loss for a bank, I would think.

Regards,

Mr Smith

Don't worry I realise that a new startups usually lose money at first, I was just wondering at what point in the future they where expecting to turn a profit.

I agree £23m loss in banking terms is nothing especially when compared to the big boys.

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Don't worry I realise that a new startups usually lose money at first, I was just wondering at what point in the future they where expecting to turn a profit.

I agree £23m loss in banking terms is nothing especially when compared to the big boys.

also, do not forget they are not a multinational and so cannot move funds between jurisdictions to inflate/deflate 'profits' on individual deals.

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8623565/Metro-Bank-loses-23m-in-first-year.html

I wonder at what point they expect to turn a profit or be like a proper bank and just get a bailout?

Anyone used it?

I opened an account with them. After Nationwide withdrew its "free cash withdrawals from abroad" policy, Metrobank seemed like the logical option. It also helps (granted, minimally) reduce the power of the current oligopoly.

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I opened an account with them. After Nationwide withdrew its "free cash withdrawals from abroad" policy, Metrobank seemed like the logical option. It also helps (granted, minimally) reduce the power of the current oligopoly.

Well done that man. Nice to see you have done some thing about it rather than just complain about the banksters. Would you recommend them?

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Visited their branch in Borehamwood, nice airy branch design and a friendly greeter who chats to you and it's all very pleasant but I didn't really feel they had anything I needed although I did try to assess whether the free dog biscuits merited my actually getting a dog just to get some value. Also got 2 free Metro Bank pens as a souvenir, one's with me now - that's where the £23 mill must'a gone :D

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Mr Ripoff,

I haven't used them, but a colleague of mine helped them get set up. He indicates that they were quite efficiently organised, but low-budget to start with.

Keep in mind they are brand new in banking terms. I'd expect them to lose money for a little while in the current climate. £23M is a relatively small loss for a bank, I would think.

Regards,

Mr Smith

bonuses all round then.

Edited by ingermany

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