Vernon Hill has left Metro Bank as the challenger bank is still in the midst of a crisis caused by a massive accounting error earlier this year.
The Metro Bank chairman and co-founder had announced his departure as chairman in July. At the time, he was believed to remain on the board as a non-executive director and president. But now Metro Bank has announced that he will leave the group altogether by New Year’s Eve.
Despite Hill having previously said that he would “probably die” before leaving the bank, Metro Bank has stated that it was his decision to leave.
The news comes as the bank managed to raise £350m in an oversubscribed bond sale on Wednesday. The challenger bank needed the money to meet regulators’ capital requirements. At the news of the raise, the shares price jumped from £1.72 in the morning to £2.39 in the afternoon.
Metro Bank had tried and failed to raise money through £250m bond issue on Monday September 23. When the bank did not manage to drum up enough enthusiasm from investors, it abandoned the sale.
The beleaguered bank’s problems began earlier in 2019 when it revealed a £900m accounting error.
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