Metro Bank’s new partnership proves the Post Office’s importance
One of Britain's newer financial institutions has team up with one of Britain's oldest and revered high street networks.
Metro Bank today announced its business customers will be able to use the Post Office's 11,600 branches to deposit cash and cheques as well as obtain change.
The tie-up will help the challenger to keep up with increasing demand from customers for a high-street presence – Metro plans to open three more stores before the end of the year.
Read more: Britain's largest wealth manager in partnership with Metro Bank
Managing director of business banking Ian Walters said Metro had seen "incredible demand for our services from the business community".
He added: "Because we’re expanding at such a fast rate, we want to ensure that our services remain convenient, which is why we’re now offering customers the option to bank through the Post Office network, in addition to our existing channels.”
In the face of continued concerns over the future of the Post Office, its financial services chief exec Nick Kennett explained the partnership was an example of the importance of the institution.
"We continue to play an important role in every community by extending the services we provide to partner banks,” he said.
Read more: Metro Bank eyes profits, as statutory losses shrink for third quarter
Shares in the challenger jumped up by 1.4 per cent in trading after also revealing the firm had turned a profit in the last quarter.
Deposits increased by 66 per cent to £7.3bn compared with the previous year. Revenues were 15 per cent up on the previous quarter and 78 per cent more than was generated a year ago.