New high street bank Metro Bank has received a banking licence from the Financial Services Authority (FSA).
Within three months the organisation hopes to launch two flagship branches in South Kensington and Holborn. It is then aiming to create a network of 200 stores over the next decade.
No other new full service high street bank has gained an FSA licence since the 19th century.
Metro Bank chairman Anthony Thomson said: "With the FSA authorisation of Metro Bank we are entering a new era of banking, one where we go back to a more traditional banking model where customer service is key and there is deposit based lending."
Another bank that is expected to launch this year is Virgin Bank, which has taken over regional bank Church House Trust.
The board of Metro Bank was also joined by ex-Friends Provident chief executive Ben Gunn and former Openwork boss Keith Carby.
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