One of Britain’s up and coming banks today announced a tie-up with the country’s largest wealth manager.
Challenger Metro Bank will offer cash accounts to customers of St James’s Place as well as providing a City branch for the wealth manager’s clients.
Metro’s chief commercial officer Paul Riseborough said that this was a great example of how challenger banks can work with Britain’s larger financial institutions.
“Our ongoing relationship with St James’s Place really demonstrates how new challenger brands can complement established players, in order to enhance customers’ experiences,” he said.
Meanwhile, the older, more established, of the two companies called Metro an “innovative banking partner”.
"We are excited to now offer a savings range that provides clients with a convenient way to manage their savings.” said St James’s Place’s chief operating officer Iain Rayner.
A spokesperson for Metro told City A.M. that the partnership to offer both instant access and term cash accounts was the first of it’s kind for the disrupter bank.
The tie-up strengthens the ties between the two companies after they joined forces to launch an intergenerational mortgage earlier in the year.