Hill said, "People used to put down their pets when they got sick. Now they're members of the family. People will want to save them with kidney transplants and hip replacements. This business will be huge." Metro Bank Metro Bank UK was launched in London in July 2010, with Hill as co-founder and vice-chairman. Press commentary at the time centred on Metro being the first high-street bank to open in the United Kingdom for more than 100 years, and upon Hill's belief that the competitive landscape of British banking amounted to a commercial opportunity to lead on service rather than price. In 2010, 85% of the UK market for current accounts was held by the "big five" banking institutions (HSBC, Barclays, Royal Bank of Scotland, Santander and Lloyds). In 2008, an official report from the Office of Fair Trading concluded that UK banking was subject to weak competitive pressures and profit-maximising strategies. Forbes magazine described Metro at launch as "...aiming to disrupt a storied industry dominated by a handful of established players". In a BBC News interview, Thomson commented that the cost–driven model of traditional British banks required them to discourage customers from visiting branches, whereas Metro Bank's model actively sought to attract customers into branches, using tactics such as longer opening hours and pet-friendly policies. The pair spent a further two years securing a £75m launch investment, including funds from New York real estate developer Richard LeFrak, property investors the Reuben brothers and Fidelity, the fund management company. Metro was launched with plans to open 200 branches in London by 2020. Twelve branches were opened by December 2010. In June 2012, the company announced the completion of a £126m round of capital-raising to open further branches in London, including funds from Moore Capital and the billionaire investor Steve Cohen. The noted investor Wilbur Ross commented, "The question is whether [Hill’s] promotional flair and service concept will produce enough customers to offset the extra operational cost of providing the extra space". Hill, who previously served as Metro's vice chairman, replaced his co-founder Anthony Thomson as chairman in January 2013. In September 2013, Metro had 225,000 accounts and was opening a new branch every month with a goal of opening 25 by the close of the year. In April 2013, Hill was awarded the Institute of Economic Affairs' Free Enterprise Award whose previous winners include Margaret Thatcher and Sir Richard Branson