Metro Bank, the start-up high street lender, is waiting to be granted a banking licence by the Financial Services Authority (FSA).
It is expected that the licence will be awarded in a matter of days once capital has been provided by investors.
The lender, which is backed by US entrepreneur Vernon Hill, is set to launch in April. It will focus on providing a service on the high street, opening seven days a week.
It plans to open two branches in London. Following this as many as 220 more offices will be set up around the city within the next decade.
Other lenders that are waiting for approval before setting up include Panmure Gordon venture Walton & Co and Richard Branson's Virgin Money.
The organisation plans to open a store in Borehamwood Shopping Park in Theobald Street next year, the Borehamwood Times reported.
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