LONDON (Reuters) - Metro Bank, which launched in 2010 as Britain’s first new high street lender for more than a century, said on Tuesday it had appointed co-founder Vernon Hill as its new chairman.
Hill, who was vice chairman, replaces co-founder Anthony Thomson, who stepped down to focus on other business activities.
The pair set up the bank to challenge Britain’s dominant high street banks and the business has grown rapidly, taking advantage of the unpopularity of established operators.
Metro Bank has 15 branches in London and southeast England, with a total of more than 130,000 personal and business accounts. The lender aims to grow to 200 outlets in the Greater London area by 2020.
“Vernon was the natural choice as chairman to lead Metro Bank’s exciting growth plans,” Metro Bank Chief Executive Craig Donaldson said in a statement.
Metro Bank raised 126 million pounds in June from external investors to fund future expansion and is planning a stock market floatation in 2014.
Reporting by Mohammed Abbas; editing by Ron Askew