Metro Bank Skopelos

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Metro Bank Skopelos
Μητρο Τράπεζα Σκόπελος
Mitro Trápeza Skopelos
Anonymi Etairia
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IndustryFinancial services
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Founded1972
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Headquarters,
Number of locations
347 branches
ProductsRetail
Corporate Banking
Asset Management
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OwnerMetro Bank Holdings 75%
Federal Bank of Aetolia 25%
Number of employees
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SubsidiariesMetro Bank Thermessa
Website[[[:Template:Wdib]] ] 

The Metro Bank Skopelos (Aetolian: Μητρο Τράπεζα Σκόπελος, romanized: Mitro Trápeza Skopelos), trading as μτ Σκόπελος (mt Skopelos) is a partially state-owned commercial bank operating in Aetolia. It is the third-largest bank in Aetolia, and was the first to be partially sold-off into private ownership in 1992. Since then, it has rapidly expanded over Aetolia and into other countries. It is majority owned by parent Metro Bank Holdings, who also own other Metro Bank operations in Aetolia. It was announced in December 2018 that all Metro Banks in Aetolia would be combined into a single bank, making it the largest in Aetolia. Negotiations with the Federal Bank system are ongoing over ownership arrangements after the merger.

Metro Bank Skopelos is accredited in every region of Aetolia, except Central Aetolia. The bank is a member of the Electronic Transactions Union and the Easy Pay Alliance.

History

Metro Bank Skopelos was set up in 1972 as the Metropolitan Bank of Skopelos. It was founded by the Federal Bank, on direction from the Aetolian government, to provide finance and services to urban customers and cater specifically to their needs. At the time, several major urban construction projects were struggling to get funding from the existing banks, who had become focused on agricultural finance and small home loans. Alongside the other Metropolitan Banks, this bank was the first set up with a specific financing directive.

The bank was immediately successful, securing several large construction projects in Skopelos. Its marketing also appealed to young urban customers and became very popular for its low fees approach. It also pioneered several new technologies into the city, including electronic transactions and widespread ATM banking. It rebranded in 1985 as Metro Bank Skopelos.

In 1992, the then Conservative government started partial privatisation of the state-owned bank network, with the Metro Bank network being the first. Thirty percent of the bank was sold to a private consortium in 1992, who formed Metro Bank Holdings. By 1998, their shareholding had been increased to 75% through successive sales.