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Bloomberg
Metro Bank Plc handed its interim chief executive officer (CEO) the reins, months after the struggling lender’s previous boss resigned in the wake of an accounting scandal.
Dan Frumkin, who has led the bank on an interim basis since the start of the year, takes over the London-based lender’s permanent role with immediate effect. Frumkin, 55, joined the business in September as chief transformation officer having previously worked for The Bank of NT. Butterfield & Son Limited, a Bermudan financial services company.
“We have conducted a comprehensive evaluation from a strong field of candidates and Dan stood out,†said Michael Snyder, Metro Bank’s chairman.
The bank had been left without a CEO since the exit of Craig Donaldson last year. It follows a torrid year for Metro, which had seen its shares lose much of their value after the lender revealed mistakes in the way it had measured the risk on parts of its lending book. Metro’s share price has fallen more than 80% in the last 12 months.
Donaldson’s departure came months after billionaire businessman Vernon Hill, Metro’s co-founder and chairman, announced he would step down. He had run the bank since it opened its doors in 2010, when it became the first new lender to enter the British high street in more than a century.
Metro will update the market on its plans alongside is full-year results on February 26.