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US Bank Launches in UK; Exec Says Timing Is 'Great'

US-owned Metro Bank is seeking to take the UK by storm with its American-style focus on customer experience and do away with "stupid bank rules," Vernon Hill, vice chairman of Metro Bank, told CNBC Tuesday.

The bank has secured Financial Services Authority (FSA) approval for a full-service banking license, saying that this makes it the first new bank on British high streets since the 19th Century.

"This is a great time to open a new retail bank in Britain, the first one in a very long time. Our model focuses on delivering a unique consumer experience where we build fans. We end all the stupid bank rules," Hill said.

- Watch the full interview with Vernon Hill above.

Hill added that the British people have been led to believe that banking can't get any better, but he is looking to challenge the status quo.

"The banks in Britain have not been delivering a great experience and of course are in disarray right now," he added.

Having opened numerous banks in the U.S., Hill said he picked London because "the differential between our service-based model and the competition is wider in London than any place in America."

Hill added that he does have plans to expand into Asia to capture its growth potential, but will be tied up with the UK launch for some time yet.