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Metro Bank chairman to quit end of the year

by LLB Reporter
2nd Oct 19 9:47 am

Metro Bank’s chairman Vernon Hill has said he will leave the struggling challenger bank by the end of the year.

Hill will give up his presidency and non-executive director’s role and will cut all ties with the bank.

After a turbulent year managerial ranks have come under much scrutiny from the shareholders and the bank is facing a radical shake up.

Senior independent Metro Bank director Sir Michael Snyder said, “Vernon is the inspiration behind Metro Bank, the first high street bank to open in the UK in over 100-years.”

Shares in the bank plummeted by more than 90%, since January shares have plummeted from 2,200p in January to just 180p this week.

Metro Bank said in a statement, “The board’s search for a new chairperson is progressing well. However, if this is not completed by the end of the year, the Bank will appoint an existing independent non-executive director as interim chairperson.”

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