Metro Bank founder to launch retail and business bank Atom

Metro Bank's founder Anthony Thomson is reportedly planning to establish a new digital banking firm Atom, as part of a strategy to tap the growing digital banking market.

Metro Bank’s founder Anthony Thomson is reportedly planning to establish a new digital banking firm Atom, as part of a strategy to tap the growing digital banking market.

Sources familiar with the development were quoted by Sky News as saying that Thomson has appointed the chief executive of First Direct to manage the new bank, which is expected to start operations by 2015.

Thomson was preparing to submit the license applications to the Financial Conduct Authority and the Prudential Regulation Authority.

It is believed that an announcement about the launch of Atom could be made as soon.

The bank, which will not operate any physical branches, is expected to boost competition in the digital banking sector.

The bank product and services including current and savings accounts, as well as loan products, will be mainly aimed at personal and small business customers, and could only be accessible through internet and digital apps.

Atom, which will be headquartered in northeast England, did not reveal about its external financing sources.