LONDON (Reuters) – Vernon Hill, the chairman and founder of Britain’s troubled Metro Bank (L:) will step down from the bank’s board and his role by the end of the year, the bank said on Wednesday.
Metro Bank said if the search for a new chairman is not completed by the end of the year, it will appoint existing independent non-executive director as interim chair.
The lender has lost 89% of its share value this year following the disclosure of an accounting error and questions about the viability of its branch-heavy business model in a banking industry increasingly going digital.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.