42.13 F
London
February 26, 2024
PI Global Investments
Finance

Finance boss quits Metro Bank after turbulent year for lender




The finance boss of troubled Metro Bank has made a shock exit after a turbulent 12 months.

James Hopkinson, chief financial officer, will step down from the British lender just months after it was bailed out following concerns over its balance sheet.

Metro Bank said in a statement yesterday that Cristina Alba Ochoa will act as interim finance chief from next week, adding that it has started looking for a permanent successor.

Hopkinson will leave the bank during the first quarter ‘after a period of handover,’ the firm said.

But his departure is yet another blow for Metro in what has been a rocky few years. The latest crisis engulfed the lender in September when it revealed it had failed to persuade the Bank of England it could be trusted to hold less cash against its mortgage risks. This sparked a major sell-off, which saw shares plunge 50 per cent in the weeks that followed.

In October it secured a £925m lifeline that included the sale of £150m of new shares as well as £175m of debt on top of a £600m refinancing of existing loans. 

This bailout effectively handed control to its largest shareholder, Colombian billionaire Jaime Gilinski Bacal, who provided the bank with a £102m cash injection and saw his stake balloon from just over 9 per cent to 53 per cent.

Related Articles

HOW THIS IS MONEY CAN HELP

The bank – founded in 2010 – has said it would axe around 800 jobs as part of a cost-cutting mission.

Shares fell 2.8 per cent, or 1p to 36p, yesterday.

Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.



Source link

Related posts

Timbercreek Financial (TSE:TF) Has Affirmed Its Dividend Of CA$0.0575

D.William

CBPF inks exclusive deal with The Green Insurer for premium financing

D.William

Costco’s long-time finance boss – famous for his dedication to low membership fees and $1.50 fan favorite hot dog deal – is leaving after 40 YEARS

D.William

Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.