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Thought leadership

Metro Bank has announced that its controversial chairman and co-founder Vernon Hill will leave the embattled lender by the end of the year.

The bank said in July that Mr Hill would be stepping down as chairman but had initially said he would stay on as a non-executive director and president.

His departure was announced after last week’s share price crash when it abandoned plans to raise £250m.

But those fundraising plans were revived on Wednesday.

The bank confirmed it was now beginning the process of raising £300m in the bond markets. It is more than the original plan but Metro Bank is offering better terms to attract investors.

Its share price rose as much as 10% before falling back to a more modest increase. The fundraising comes as the bank remains under pressure since revealing a £900m accounting error at the beginning of the year.