Work progressing on Wolverhampton Metro Bank as founder steps down

Work is progressing to transform a former Wolverhampton phone shop into Metro Bank’s latest branch.

It is set to soon open its doors to customers in the city centre, off Dudley Street and Queen Street, and has completely gutted the building in order to create a new brash facade.

Ian Walters, managing director of retail and business banking at Metro Bank, claims the company is offering a “revolution in British banking”.

The bank, which launched in 2010, aims to offer a “convenient banking experience”.

Its Merry Hill drive-through branch, which brought in stilt walkers for its opening last month, allows customers to carry out transactions without having to unbuckle their seat belt.

Open seven days a week, it also a offers walk-in service with no appointments needed.

Founder steps down

Metro Bank founder and chairman Vernon Hill has stepped down with immediate effect following a difficult year for the troubled lender.

The colourful American entrepreneur insisted the “best is yet to come” for the group as his departure was brought forward.

The bank is a familiar sight on streets in the South East but is expanding across the UK, with branches in the centre of Birmingham and at Merry Hill as well as one set to open in Wolverhampton.

Despite its bold ambitions, it has been under pressure, with its shares decimated since the start of 2019 after it revealed a £900 million accounting blunder in January.

Metro Bank said in July that Mr Hill would step down, but stay on as president and a non-executive director.

He will now resign from his position as chairman and remain as a non-executive director until December 31, taking on the honorary position of emeritus chairman to “recognise Vernon’s extraordinary contribution to Metro Bank”.

Sir Michael Snyder, senior independent director at Metro Bank, has been appointed as interim chairman until a permanent successor is appointed.

It comes ahead of the group’s third-quarter trading update after market close on Wednesday.

Mr Hill said: “I wish all of our fans – Metro Bank’s customers, colleagues and shareholders – every success for the next stage of the journey.

“As always, the best is yet to come.”

Sir Michael said: “The board thanks Vernon for his vision which inspired and created Metro Bank 10 years ago.

“He leaves a lasting legacy of creating fans through exceptional customer service and has revolutionised British banking.”

Mr Hill’s departure comes after months of pressure from investors and regulators who expressed unease about his decision to remain on the company board despite resigning as chairman.

The bank’s troubles were compounded when it was forced to abandon a bond offer, initially planned to secure £250 million.

The group relaunched fundraising plans earlier this month, looking to raise £300 million, which soared to around £475 million on strong demand from investors.

Mr Hill co-founded the bank more than eight years ago, focusing on building customer-friendly branches open every day.