The UK could soon have a new bank.
A US entrepreneur plans to open Metro Bank, with flagship branches set for London.
According to the Financial Times Vernon Hill looks set to get approval from the Financial Services Authority.
With the government keen to create more competition in the banking sector, new banks can take advantage of the tarnished reputation of existing banks. They can also utilise the latest IT to get the upper hand in certain areas on large banks with inflexible systems.