A FAST-GROWING bank is to open in Colchester town centre – as the business continues to rapidly expand.

The latest branch of Metro Bank is set to create 25 jobs when it opens up in the town by November.

Metro Bank started from scratch in March 2010, but is now growing fast throughout the south east, having already opened branches in Basildon and Southend.

At its launch, it was the first new High Street bank to launch in the United Kingdom in more than 150 years.

It set itself a target of having 200 branches in the country by 2020.

Metro Bank increased its account holders by 50 per cent in the first half of 2013, making a total of 200,000 customer accounts including 15,000 business accounts.

Colchester Council leader Paul Smith met with Metro Bank representatives after they requested a meeting.

Mr Smith said Metro Bank was “very advanced” in planning for securing the lease on a premises in the town.

However, he said he could not reveal where exactly it will be at this stage.

He added: “They would employ approximately 25 people, it is part of their expansion plans.

“They are very keen on Colchester because of the demographics we have got for it.

“It gives them a good mix of customers.”

Metro Bank has tried to set itself apart from other high street banks by offering local branch managers, allowing customers to take dogs into branches with them and the promise it will take just 15 minutes to open an account as well as seven-day-a-week banking.

Branches are closed for just three days in the year.

Mr Smith said the representatives he met indicated all these services will be available at its Colchester branch, along with safe deposit boxes.

He said they indicated staff would be paid at least the Colchester living wage of £8.25 per hour.

Mr Smith, who previously worked as an internal auditor for HSBC, added: “I am delighted Metro Bank is looking to expand in Colchester and create jobs and high-level jobs which will fit well with the local community.”

Following the 2008 financial crash, former Business Secretary Vince Cable announced more competition in the retail banking sector was a priority.