UK high street bank Metro Bank (Metro) is to
launch private banking services to its high net worth (HNW) clients
with investible assets of £0.5m ($0.78m) and above.

The bank said the private banking proposition
is a result of growing demand from its existing HNW clients.

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Foreign players interest in
UK

Metro is the latest foreign bank seeking to
penetrate the UK’s highly fragmented private banking market.

In January, Germany’s Berenberg Bank opened
its London-based private banking operation in a bid to grow its
international market exposure.

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Bank of Singapore has also recently received a
banking licence, through its parent bank OCBC, to provide private
banking services in the UK.

RBC Wealth Management is looking to
significantly boost its UK presence including increasing its
relationship managers numbers from 30 to 100 by 2015.

 

Former Heartwood director to build
Metro

Former divisional director at Heartwood Wealth
Management Kirsty MacArthur has been hired to spearhead the
build-out of Metro’s private bank.

Metro’s spokesperson told PBI that
MacArthur will build the private banking business from scratch and
will define its strategy.

The private bank will not be providing
investment advice; instead, it will focus on banking services,
including customised current accounts and lifestyle services, to
HNW clients, the spokesperson added.