January 8, 2019 / 4:15 PM / 5 months ago

UK online bank Monzo hires financial market veteran as chairman - source

FILE PHOTO: The Chief Executive of Britain's nationalised Northern Rock, Gary Hoffman, arrives to speak at a Treasury Select Committee session in central London January 12, 2010. REUTERS/Suzanne Plunkett

LONDON (Reuters) - British online bank start-up Monzo is set to appoint financial market veteran Gary Hoffman as its chairman, a source close to the bank said on Tuesday.

Hoffman, best known for managing nationalised lender Northern Rock for two years after its collapse in the financial crisis, will be named non-executive chairman of Monzo on Wednesday, the source said, speaking on condition of anonymity.

The 58-year-old will replace Denise Kingsmill.

Monzo declined to comment.

The planned appointment was first reported by Sky News.

Earlier in his career, Hoffman held executive roles at banking giant Barclays and is currently non-executive chairman of insurer Hastings and lender Coventry Building Society.

Monzo is Britain’s fastest growing digital bank, having attracted more than 1.3 million customers since launching four years ago.

It was valued at more than 1 billion pounds in a fundraising last year, as a growing number of consumers move from traditional banks to online services.

Reporting by Iain Withers; Editing by Mark Potter

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