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Metro Bank chair re-elected despite opposition

Metro Bank’s chair Vernon Hill has been re-elected despite opposition from activist shareholders such as Royal London.

Hill received criticism from a number of major shareholders over payments to his wife’s company Interarch totalling £21m since Metro Bank’s inception in 2010.

The board at Commerce Bank previously ousted Hill from his former role at the US lender, amid similar allegations of lack of oversight over payments to Interarch.

Royal London Asset Management holds a £13.6m stake in Metro Bank, and was joined by investment adviser Glass Lewis last week in saying it would oppose Hill’s re-election at Metro’s annual general meeting this Tuesday.

Speaking on Radio 4’s Today programme yesterday morning ahead of the vote,  RLAM head of responsible Ashley Hamilton Claxton confirmed the company would vote against Hill’s re-appointment later that day.

However, the results show that Hill has been successful in his re-election bid, receiving 96 per cent of the votes cast, a higher proportion than last year.

The rest of the directors of the firm also received backing from more than 90 per cent of casting votes, and the director’s remuneration packages were also approved.

The votes came as Metro Bank unveiled its results for the final quarter of 2017, reporting profits of £10m, up from £8.3m and adding 88,000 new customers.



Royal London eyes Metro Bank shareholder rebellion

Royal London Asset Management has warned Metro Bank it will block reappointing its chairman over payments of more than £21m made to his wife’s company. RLAM has expressed concerns over millions in payments for architectural, branding and marketing services to InterArch, a firm run by wife of Metro Bank chairman Vernon Hill. The Independent reports […]

Metro Bank logo scottish market

Metro Bank to launch into Scotland

Metro Bank will launch into Scotland from 5 April. The firm will do this through brokers and direct via telephones. Metro’s first Scottish BDM is Glasgow-based Neil McLeod, who joins from a role as a BDM at Halifax. However, the firm plans further expansion and to hire more BDMs in the future. Metro will initially […]

Bridging and buy-to-let combination deal launched

UX Mortgages and bridging loan provider Tiuta has launched a combined bridge and buy-to-let mortgage with a joint application and underwriting process.The providers say the product – Dual – is the first to combine the two elements and to guarantee that the bridging loan will be transferred into a remortgage as a longer term option.It […]


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