Metro Bank

Metro Bank plans to double asset finance loan book with new platform

Metro Bank has revealed it hopes to double its asset finance loan book over the next 12 to 18 months with the support of a new asset finance platform.

Speaking exclusively to Bridging & Commercial Richard Saulet, director of asset and invoice finance at Metro Bank, revealed Metro Bank’s asset finance loan book had grown 50 times over the last couple of years and was continuing to see significant growth.

Richard also revealed that the bank was in the middle of implementing a brand-new asset finance platform, which would replace its existing technology, as it looks to continue to invest in this area of finance.

“It is a significant commitment for us, because we think [the asset finance market] is a great market to be in. 

The bank has seen a significant number of customers enquire about its asset finance offering after becoming a customer with other parts of the bank.  

“If you build a great relationship with people, they want to come back and do more business with you.

“We’ve got some really exciting times coming up on the asset finance side [of the business], which we’ll talk more about in more detail in the first half of next year, once we’re ready to unveil our new asset finance platform.

Earlier this month Metro Bank announced the launch of a new commercial banking platform, and Richard also revealed other areas in which the challenger bank was looking to expand.

While the bank’s invoice and asset finance businesses, as well as its mortgage offering, is nationwide, its store footprint is predominantly around London and the South East, which it plans to expand outside of the South East.

“We are open as far west as Reading at the moment and we’ve got plans to expand much further  and open stores in cities such as Bristol and Oxford, as well as areas such as Leicester.
In October Metro Bank posted its maiden quarterly profit and when asked whether the bank would continue to turn a profit Richard confirmed that it would to do so while continuing to invest in the organisation.

“We have invested a lot of money this year into our IT infrastructure, training our colleagues through our internal Metro Bank University, and recruiting the right people.   

“Creating fans is at the heart of our model, and we know that investment in our offering is critical. If you pull that level of investment, service will drop -  then you just become a marketing strapline with poor service. 

“We turned a profit earlier this year while continuing to invest across our business, and we plan to do the same again next year.”  

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