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LONDON | Wed Oct 19, 2011 11:41am BST
LONDON (Reuters) - Metro Bank, which launched a year ago as Britain's first new high-street lender in more than 100 years, announced plans to build up a private banking team, as it takes aim at bigger rivals hit by the financial crisis.
Metro Bank said on Wednesday that it had hired Kirsty MacArthur as its new private banking head.
MacArthur, who joins from Heartwood Wealth Management and has also worked at Switzerland's UBS (UBSN.VX) and private bank Coutts, has been given a brief to develop Metro's services for high-net-worth individuals.
"In the last 16 months, customers have joined Metro Bank from other high street banks, and 'High Net Worth' banks as well," Chief Executive Craig Donaldson said in a statement.
"We wanted to offer them the additional expertise and knowledge that they require for their individual needs, which is why we have decided to develop the private banking proposition and hire Kirsty to head this up," he added.
Metro Bank is one of several new entrants seeking to break into a UK banking sector dominated by the "Big Four" of Barclays (BARC.L), HSBC (HSBA.L) and part-nationalised lenders Royal Bank of Scotland (RBS.L) and Lloyds (LLOY.L).
Its launch last July attracted much publicity, partly due to marketing gimmicks such as offering free biscuits for customers' dogs. It has also sought to stand out by making its branches open seven days a week.
Metro Bank, whose investors include fund management company Fidelity and property investors the Reuben brothers, has said it might consider a stock market listing in 2013 and also hopes to break even by then.
(Reporting by Sudip Kar-Gupta; Editing by Will Waterman)
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