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Monday, February 20, 2012

Vernon Hill seeks money to grow bank

Vernon Hill, the Commerce Bank founder who now runs London-based Metro Bank, confirms a story in Britain's Sunday Express that his Metro Bank Plc seeks "growth capital" to expand beyond London into England's Home Counties and the Shore resort of Brighton.

Anthony Thomson, the British banker who chairs Metro (Hill is CEO), "says the privately-owned bank may need to tap existing and new investors for new funds to continue its rapid expansion, ahead of its planned flotation [IPO] on the London Stock Exchange in 2014," according to the Express.

The bank raised 52 million UK pounds in 2010 and has continued to add branches. Metro needs "growth capital," Hill told me. Other upstart British banks have stalled or are expanding by acquisition; Hill prefers ground-up construction and control. 

 
Posted by Joseph N. DiStefano @ 4:30 PM  Permalink | 1 comment
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  • 0 like this / 0 don't   •   Posted 8:49 AM, 03/04/2012
    I guess the decorating budget was a little more than expected.
    — Skiptune


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About Joseph N. DiStefano
Joseph N. DiStefano writes this blog to feed his PhillyDeals column in the Philadelphia Inquirer. Joe has been a member of Bloomberg LP’s New York Finance Team, wrote the book “Comcasted,” taught writing at St. Joseph’s University, and studied economics and history at Penn. Reach Joe at 215-854-5194 and JoeD@phillynews.com
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